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18 January 1999
We are delighted that another blue chip occupier has been attracted to Chatham Maritime. The Wainscott section of the Medway Towns Northern Relief Road is now open, affording direct dual carriageway access to the M2 Motorway, and this bodes well for Chatham Maritime's future.
Graham Cherry, Chief Executive of Countryside Properties
Countryside Properties PLC, the commercial property developer and housebuilder, announces that it has completed the letting of its £16.2 million Quayside office development at Chatham Maritime in Kent, a development undertaken in association with Richmount Management Limited and English Partnerships, with the letting of Prince Regent House to Fisher Rosemount Limited, a subsidiary of the NYSE-listed Emerson Electric Company.
Fisher Rosemount Limited has taken a new 20 year lease on the 1,623.7 sq.m (17,478 sq.ft) building, together with 95 car spaces, at an annual rent of £280,000. Fisher Rosemount is involved in the manufacture and distribution of hardware and services to process industries. It has recently moved its manufacturing plant, but will retain its head office function in the Medway Towns, at Prince Regent House, following the sale of its former manufacturing complex in Rochester for retail warehouse development.
Editor's notes:
- In its latest results, for the year ended 30 September 1998, announced last December, Countryside reported turnover and pre-tax profits from commercial property development both increased to £28.7m (1997 - £26.4m) and £1.3m (1997 - £0.3m) respectively.
The Chairman's statement said that: "These much improved results were achieved in a more active market. However demand from both potential occupiers and particularly investors is now beginning to slow as economic conditions change. Whilst the Group is maintaining a cautious approach to commercial property development it does expect to make another positive contribution from this activity during the current financial year." - Group turnover for the year ended 30 September 1998 was £204.0m (1997: £195.7m) and pre-tax profit was £14.6m (1997: £9.3m).
- Countryside Properties is also one of the largest housebuilders in the South East with growing activities in the South West and the North of England and is one of the UK's leading providers of social housing.
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Information correct as at 18/01/1999