16 October
2024
Panther Securities
PLC
(the
"Company")
Property
disposal
Panther Securities PLC is pleased to
announce that it has today exchanged contracts to sell its Freehold
interest in Westgate House, 26-38 Westgate, Peterborough, an
ex-department store, for a total consideration of
£4,000,000.
An initial consideration of
£3,000,000 is to be paid in cash upon completion, with the
remaining £1,000,000 to be deferred but also secured with a second
charge on the property. The first £500,000 of deferred
consideration is to be paid after nine
months and the final £500,000 after 18 months from
completion.
A 10% deposit of £400,000 was paid at
exchange and released to us.
The property comprises a large,
predominantly detached, department store building arranged over
basement, ground, first and second floors, totaling 138,977 sq ft.
As previously announced, planning consent has been obtained
for a mixed-use development of shops/offices
and 125 residential units.
The property currently produces
negligible income and its main trading tenant's letting is on
flexible terms and is mainly in place to help mitigate holding
costs. The property is based over a very large space, but if it
were possible to rent in its current format/configuration, the
independent valuer has previously provided an estimated market
rental value of £280,000 p.a.
The purchase price represents an
increase of £1,410,000 on the current book value for the property
of £2,590,000, which was last independently revalued by Carter
Jonas (on behalf of the Group's lenders) as at July
2023.
The Group has exchanged contracts for
the sale with Westgate House (March) Ltd, a wholly owned subsidiary
of Bravo Capital (March) Limited and it is anticipated that
completion should occur by the end of December 2024. Further
announcements in relation to completion will be made in due
course.
It is anticipated that the funds
received by the Company following completion will be initially held
for future property investment which has yet to be
identified.
For
further information:
Panther Securities
plc:
Tel: 01707 667 300
Andrew Perloff / Simon
Peters
Allenby Capital Limited (Nomad and Joint Broker)
Tel: 020 3328 5656
Alex Brearley / Piers Shimwell
