Development Securities announces that it has completed the sale of Tubs Hill House to Prime Place, Willmott Dixon's residential development business, for an initial payment of £11 mln (approx. €15.1 mln), realizing an initial profit of £3 mln (approx. €4.1 mln). Tubs Hill House, a 6020 m² office building 200 m from Sevenoaks station, was acquired in November 2013 for £5.5 mln (approx. €7.6 mln) from administrators acting on behalf of Lloyds Banking Group.
Since acquisition, Development Securities has secured vacant possession of the building and also Permitted Development Rights to convert the offices into residential accommodation. A planning application is currently being progressed for a residential conversion of up to 91 units.
Matthew Weiner, Executive Director, Development Securities PLC said: "Tubs Hill House will create a desirable new residential tower in Sevenoaks, a key London commuter town where residential demand is very strong. Willmott Dixon is an experienced residential developer and we are pleased to have secured a sale to such a high quality partner. This latest sale demonstrates our trading activities whereby we are able to source sound opportunities and then capture value over the short-term, adding to our strengthening cash flows."
Source: Development Securities