Trafalgar New Homes plc
("Trafalgar" or the "Company")
Option Agreement - Hackney site
Trafalgar, a provider of homes in London and Greater London, announces today
that it has signed an option agreement to acquire James Taylor Building in
Collent Street, Hackney, London (the "Property") from Constable House
(Ashton-Under-Lyne) Limited ("Constable House").
The option agreement allows Trafalgar the right to acquire the Property at the
market value of the Property determined by an independent valuer once planning
permission has been granted.
The option agreement sets out certain time periods under which the option must
be exercised and certain eventualities under which the option can be terminated
by either party. The cost of the option is £1.
Planning permission has already been applied for, and validated by the council
on the 14th of December, to re-develop the Property into 70 apartments and
11,000 square feet of commercial property. Planning approval is anticipated by
April 2008. Following the determination of the purchase price, Trafalgar will
need to make financing arrangements in order to acquire the Property within a
reasonably short period.
The board of Trafalgar are excited by this new development which will
substantially increase the operations of the Company.
The board believes that there will be a significant opportunity to develop this
site which is well located within one of the less expensive and high growth
areas of London.
The Property is owned by Constable House (Ashton Under Lyne) Limited. Robert
McKendrick, Chairman of Trafalgar, is a director and is beneficially interested
in 50 per cent. of the issued share capital of Constable House (Ashton Under
Lyne) Limited. Robert McKendrick is, therefore considered a related party.
The Directors accept responsibility for the contents of this announcement.
For further information please contact:
Trafalgar New Homes plc 07836722840
Andy Moore
SVS Securities plc 020 7638 5600
Ian Callaway
Peter Manfield
For further information about the Company: www.trafalgar-newhomes.co.uk