Final Disposal - 300 Pavilion Drive, Northampton

Circle Property PLC

04 May 2023

 

4 May 2023

Circle Property Plc

("Circle", the "Company" or the "Group")

Final Disposal - 300 Pavilion Drive, Northampton

Circle Property Plc (AIM: CRC), is pleased to announce, that it has exchanged and simultaneously completed the sale of its final remaining asset, 300 Pavilion Drive, Northampton ("300 Pavilion Drive") to Portman Finance Group Ltd at a sale price of £2.85 million.

300 Pavilion Drive comprises approximately 43,577 sq ft of office accommodation including approximately 12,875 sq ft of refurbished, vacant and available to let office space. 300 Pavilion Drive is part let, as follows: Grant Thornton UK LLP (47.9%), ALD Automotive Limited (12.4%), NAK Consulting (5.4%) and Online Direct (4.7%). 300 Pavilion Drive has total rent passing of approximately £0.39 million per annum (£12.74 psf overall). 300 Pavilion Drive was acquired by the Company in May 2009 for £3.875 million and had a valuation as at 30 September 2022 of £5.45 million. The profit before tax for the year ended 31 March 2022 attributable to 300 Pavilion Drive was £0.2 million.

The net proceeds from the disposal will be held as Group cash and will be returned to Shareholders once adjusted for the Group's termination costs.

Further announcements will be made, in due course.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK version of the EU Market Abuse Regulation (2014/596) which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended and supplemented from time to time.

Circle Property Plc	[phone]
John Arnold, CEO Edward Olins, COO
Cenkos Securities plc	[phone]
Katy Birkin George Lawson Radnor Capital Joshua Cryer Iain Daly	[phone]
Camarco	[phone]
Ginny Pulbrook Rosie Driscoll

 

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