Business
Agreement to purchase a freeh
Agreement to purchase a freeh.
About this update from Telecom Plus Plc
[{"type":"text","content":"\n RNS Number : 4958E Telecom Plus PLC 26 September 2008 \n \nTelecom plus PLC (the 'Company')\n\nClass 2 Transaction - Agreement to purchase a freehold office building\n\n\nTelecom plus PLC (trading as the Utility Warehouse), which supplies a wide range of utility services to both residential and business customers (gas, electricity, fixed line telephony, mobile telephony and broadband), is pleased to announce it has today exchanged and completed the purchase of the freehold of Southon House, 333 The Hyde, Edgware Road, London NW9 6TD and the adjoining multi-storey car park from Newplace (Colindale) LLP for a total cash consideration (including stamp duty and fees) of approximately £9.0 million. \n\nThis will provide the Company with the office space required to support the rapid organic growth in new customer and distributor numbers currently being experienced, as reported to Shareholders in the trading update we released on 5 September 2008. \n\nThe transaction has been funded entirely from our existing cash resources.\n\nSouthon House was constructed in the mid-1980s and totals 41,157 sq ft arranged over ground and five upper floors. The four upper floors are currently unoccupied and will require refurbishment prior to our taking occupation. It is intended this work will be carried out on a phased basis with a view to ensuring that the first vacant floor is available for occupation during Spring 2009.\n\nThe previous owner wishes to continue occupying the ground and first floors of Southon House totalling approximately 17,250 sq ft on a 2 year lease (outside the Landlord and Tenant Act), which is subject to a mutual break option at 18 months. The multi-storey car park provides a total of 431 parking spaces and also houses a Car Sales showroom of approximately 11,300 sq ft on the ground floor which is currently let on a short lease. The total annual rental income from existing...