Information  X 
Enter a valid email address

Benchmark Group PLC (BMK)

  Print   

Tuesday 25 April, 2000

Benchmark Group PLC

Disposal

Benchmark Group PLC
25 April 2000



     BENCHMARK SELLS £26.6M OF CENTRAL LONDON PROPERTIES
                11.8% profit on book value
                                                         
Benchmark  Group  PLC ('Benchmark'), the  Central  London
property  investment and development  company,  announces
that  it  has  exchanged contracts for the sale  of  four
properties for a total of £26,630,000.  This represents a
net profit of £2.8 million (11.8%) over book value and  a
surplus of £5.3 million (25.5%) on historic cost.

The  properties  have  been sold  to  individual  private
buyers and were:-

The  freehold of 37-38 Curzon Street, W1, which comprises
26,176sq ft  (2,432m sq)  of  office,  residential,
restaurant and cinema accommodation.  The cinema  is  let
to GCT Management Ltd while the offices and a majority of
the  residential accommodation are currently vacant.  The
total current rental is £197,250pa.

The  freehold  of  Outer Temple, 222 Strand,  WC2,  which
comprises 30,907sq ft  (2,871m sq) of banking and office
accommodation.  The ground floor banking hall is  let  to
Lloyds  Bank  and  the  upper office  floors  are  multi-
tenanted.  The total current rental is £381,045pa.

The  freehold interest of 123 Cannon Street,  EC4,  which
comprises  9,098sq ft (845m sq) of retail  and  office
accommodation.  The retail unit is let to EAT Ltd and the
upper parts are multi-tenanted.  The total current rental
is £223,468pa.

The part freehold and part long leasehold interest in 15-
16  Brooks Mews which comprises 14,185sq ft (1,318m sq)
of  multi-tenanted retail and office accommodation.   The
total current rental is £381,375pa.

Nigel   Kempner,  Chief  Executive  of  Benchmark,  said:
'These  sales confirm the strength of the current Central
London  investment  market.  They continue  our  strategy
applying  our active management skills and then disposing
of  the  smaller lot sizes in our portfolio when  we  can
lock in some healthy profits.

We have again converted unrealised valuation surplus into
real  cash  cementing  our  net  asset  value  stated  at
December 1999 of 299p.'

For further information:

Nigel Kempner                Jeremy Carey
Chief Executive              Tavistock Communications
Benchmark Group PLC          Tel: 020 7600 2288
Tel: 020 7287 6881


                                                                                                                                                                     

a d v e r t i s e m e n t