Disposal of Property and New Lettings
September 07 2010 - 2:00AM
UK Regulatory
TIDMHTI
RNS Number : 2431S
Hawtin PLC
07 September 2010
HAWTIN PLC
DISPOSAL OF PROPERTY AND NEW LETTINGS AT ST ALBANS
Hawtin PLC ("Hawtin" or "the Group"), the south Wales based property investment
group, is pleased to announce that it has completed the sale of its 50 per cent
holding of Hawtin Developments LLP, effective 3 September 2010 for a cash
consideration of GBP275,000.
Hawtin Developments LLP owns the former Champion Spark Plug factory at the
Wirral, which following a formal valuation at 28 April 2010 was valued at
GBP3.8m (reduced from the previous valuation at 31 December 2009 of GBP4.4m) and
which, taking into account loans secured on the property, had a net book value
of GBP350,000 (Hawtin's share therefore being GBP175,000). The purchaser has
assumed all liabilities relating to the property.
This 396,757 sq. ft property with manufacturing, warehouse and offices
facilities has not been fully occupied for several months. As a result of the
disposal, the Group's void space has further reduced to 10 per cent.
Proceeds will be used to reduce bank indebtedness.
Hawtin is also pleased to announce that it has let two retail/office units on
George Street, St Albans - both on 10 year leases. The properties are part of
the Holywell group portfolio which Hawtin purchased in February 2009.
Independent gift shop Rose & Dylan Ltd will open its second outlet in a 490 sq
ft unit at a rent of GBP19,000 per annum. Temple Ventures Ltd, a fashion
retailer, has taken 983 sq ft at a rent of GBP25,000 per annum.
Richard Hayward, Chief Executive of Hawtin, commented:
"The recent economic conditions have been particularly challenging for property
developers and investors and we have worked hard during this period to
strengthen our position. We are extremely pleased with the excellent progress
over the last year in increasing occupancy levels, maximising rental income and
strengthening our balance sheets. We are now looking to the future to ensure
that as the market recovers we are best placed to take advantage of any
opportunities that present themselves."
Enquiries:
+-----------------------------------+----------+------------------------+
| Hawtin PLC | | |
+-----------------------------------+----------+------------------------+
| Nicola Crickmore, Company | | Tel: 01633 682130 |
| Secretary | | |
+-----------------------------------+----------+------------------------+
| | | |
+-----------------------------------+----------+------------------------+
| Seymour Pierce Limited | | |
+-----------------------------------+----------+------------------------+
| Guy Peters / David Foreman | | Tel: 020 7107 8000 |
+-----------------------------------+----------+------------------------+
This information is provided by RNS
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