Benchmark Group PLC
15 January 2001
BENCHMARK SELLS £58 M OF CENTRAL LONDON PROPERTIES
15 January 2001
Benchmark Group PLC ('Benchmark'), the Central London
property investment and development company, announces
that it has completed the sale of three properties for a
total of £57.69 million. This represents a net profit of
£1.91 million, or 3.5% over book value and a surplus of
£21.2 million or 59.5% on historic cost.
The three properties are:
* The long leasehold interest in Liscartan House, 127/131
Sloane Street, London SW1, comprising 27,200 sq ft
(2,526 m2) of offices, retail and residential
accommodation, which was sold to the freeholder, the
Cadogan Estate. The total current net rental is
£1,002,910 per annum.
* The long leasehold interest in Granville House, 132/135
Sloane Street which adjoins Liscartan House. The
property comprises 24,200 sq ft (2,248 m2) of offices,
retail and residential accommodation and was also sold to
the freeholder, the Cadogan Estate. The total
current net rental is £978,114 per annum.
* The freehold interest in 27 Soho Square and 60/61 Greek
Street, London W1 comprising 30,000 sq ft (2,788 m2) of
office accommodation, which was sold to a UK private
investor. The total current net rental is £1,342,500
per annum.
Commenting on the transaction, Nigel Kempner, Chief
Executive of Benchmark, said: 'We have ended 2000 in the
way we intend to continue in 2001. Whilst market
conditions are still conducive to achieve sales, which
generate good returns on historic cost and convert
unrealised valuation surpluses into realised profits,
then we will take advantage of those conditions. All the
characteristics of the Central London market remain
strong at the moment and there is still a shortage of
good modern space for the level of tenant demand. This is
leading to continued rental growth and interest in
investments and we will purchase new situations when
there are opportunities to use our specialist expertise to
add value.'
For further information please contact:
Nigel J Kempner
Benchmark Group PLC
020 7287 6881
Jeremy Carey / Bella Pagdin
Tavistock Communications Ltd
020 7600 2288