Business
Property Disposal
Property Disposal.
About this update from Wynnstay Properties Plc
[{"type":"text","content":"\n Wynnstay Properties PLC\n21 November 2006\n\n\n21 November 2006\n\n Wynnstay Properties PLC (the 'Company')\n\n Property Disposal\n Kilmuir House, Epsom\n\n\nWynnstay Properties PLC announces that on 21st November 2006, contracts were\nexchanged for the sale of its freehold property at Kilmuir House, Epsom for a\ncash consideration of £2,000,000 payable on completion, scheduled for 17th\nJanuary 2007.\n\nCurrently a vacant four storey office building, planning consent was obtained\nfor the construction of a fifth floor and for the property's conversion into 15\nresidential apartments, with A2 commercial use on the ground floor.\n\nAfter taking account of the settlement negotiated with the previous tenant and\nthe design, planning and selling costs involved, this disposal is expected to\nresult in a net surplus over book value (being £1,080,000) of approximately\n£948,000, on which no tax liability should arise. This surplus equates to 30\npence per share, which will be reflected in the Company's financial statements\nfor the year ending 25th March 2007.\n\nThe proceeds of sale will be applied in reducing the Company's borrowings,\nthereby providing additional funds for future property acquisitions.\n\nCommenting on the transaction, Philip Collins, Chairman, said 'This very\nprofitable transaction was achieved as a result of the Company procuring a\nskilfully and sensitively designed scheme for the conversion of the property to\nsatisfy stringent planning requirements, coupled with a professionally executed\nmarketing campaign.'\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":1803,"tagName":"div"}]