Disposal of Norfolk House, Birmingham

RNS Number : 3214L

Conygar Investment Company PLC(The)

27 April 2015

 

For immediate release

27 April 2015

THE CONYGAR INVESTMENT COMPANY PLC

DISPOSAL OF NORFOLK HOUSE, BIRMINGHAM

The Conygar Investment Company PLC ("Conygar" or the "Company"), the property investment and development group, announces that it has completed on the sale of Norfolk House, Birmingham for a consideration of £12.3 million, a surplus of £1 million or 8.8% over the September 2014 valuation.

This 115,000 square foot freehold office building had just over 19,000 square feet vacant with 51,000 square feet becoming vacant within six months. The current rental income was £915,000 per annum.

Combined with the recent disposal of the 30,000 square foot vacant office building at Geoffrey House, Maidenhead for £4.76 million, the overall portfolio vacancy rate has fallen to 11.8% compared with 18.2% at 30 September 2014.

Robert Ware, Chief Executive of Conygar commented:

"We are pleased to have disposed of Norfolk House at a decent premium whilst also significantly reducing our vacancy rate and associated empty property costs."

Enquiries:

The Conygar Investment Company PLC

Robert Ware/Steven Vaughan: 020 7258 8670

Liberum Capital Limited (Nominated Adviser and Broker)

Richard Bootle: 020 3100 2222

Temple Bar Advisory (Public Relations)

Alex Child-Villiers: 07795 425580

 

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