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19 October 2000
Countryside Properties PLC ("Countryside"), the South-East based residential and commercial property developer, announces that it has let and sold its new 3,073.4 sq m (33,000 sq ft) office development, Levick House, in Chelmsford, Essex.
M&G Limited has taken a 16 year lease of the entire building at a rent of £21.50 per sq. ft. equating to an annual rent of £709,500.
The resulting investment has been sold to Canada Life for £9.18 million equating to a yield of 7ΒΌ%.
Levick House is the first phase of Countryside's Coval Wells campus office development, which is located in Chelmsford town centre, close to the railway station and the Essex County Cricket ground. The recently completed Levick House provides office accommodation arranged on ground and first floors together with 114 car parking spaces. The adjoining Coval Wells site has consent for a further 7,227.4 sq m (77,786 sq ft) in two buildings.
Graham Cherry, Chief Executive of Countryside, commented:
"Levick House is the first new speculative office building of any size to be built within the north east quadrant of the M25 motorway for some years. We're delighted with the letting to M&G, and the subsequent sale of the investment to Canada Life, especially at a rental level that is the highest achieved in Chelmsford since the late 1980's. It is further proof that the market for commercial property is fundamentally healthy, especially for the right product in the best locations."
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For further information, please contact:
Countryside Properties PLC 01277 260000
Graham Cherry, Chief Executive
Guy Lambert, Corporate Communications Manager
Square Mile Communications
020 7601 1000 Nick Oborne
Notes to Editors
Countryside Properties PLC, founded in 1958, is one of the UK's leading residential and commercial property developers. It also develops sustainable new mixed-use communities through its urban regeneration activities. Countryside's operations are primarily in the South East, but it also has growing activities in the South West and North West of England and South Wales. Based in Brentwood, Essex, the Group is listed on the London Stock Exchange with a market capitalisation of £82m. In the year to 30 September 1999, total Group turnover was £251.8m (1998: £204m) and pre-tax profit was £19.2m (1998: 14.6m).
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Information correct as at 19/10/2000