Development Securities sells properties in Watford and Chorlton-cum-Hardy for £15.7 million (UK)

Further to the recent announcement regarding the sale of the Weeke Shopping Center in Winchester, Development Securities today announces the sale of two further assets, both ahead of current book value.

Development Securities, in joint venture with Landchain, has sold the first phase of a 3.4-acre mixed-use site in Watford to a house builder for £5.6 million (approx. €6.8 million). Acquired in January 2011, planning consent was subsequently secured for the first phase of development, comprising 107 residential units. The remaining element of the site contains a 37,000 ft² (approx. 3,437 m²) office building, Rembrandt House, which presents options for refurbishment or redevelopment in the near to medium-term.

At Chorlton-cum-Hardy near Manchester, Development Securities has sold the Chorlton Cross Shopping Centre to the Greater Manchester Property Venture Fund for £10.1 million (approx. €12.26 million). Initially acquired in November 2011 at a yield of 8.44%, the investment includes a 50,000 ft² (approx. 4,645 m²) office tower, 17 retail units and a surface car park.

Matthew Weiner, Director, Development Securities said: “We are continuing to make good progress across our portfolio to execute our individual asset business plans and the announcement today further underlines our success in this regard. Both of these assets were acquired in 2011 and since then we have added considerable value through proactive asset management and enhancement.”

Source: Development Securities

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