Development Securities acquire Woking offices

Refurbished well located offices purchased for £6.55m

Article posted: 22 Mar 2011

Development Securities PLC, the leading property development and investment company, has today announced the acquisition of office space in Woking with the purchase of Elizabeth House and The Cornerstone, Woking, for £6.55m, yielding 6.8%.

Elizabeth House and The Cornerstone are adjacent interlinked office buildings constructed around a central landscaped courtyard. Each building has four office floors over a basement car park. The offices have recently been refurbished and offer a good income stream with long term redevelopment potential.

The acquisition is the latest in a series of transactions that total in excess of £225m to date since July 2009, when Development Securities completed the first of its two recent £100m equity raises. It is part of the Directors’ continuing strategy to strengthen the company’s investment property portfolio in the current market, including those assets which may in the longer term represent redevelopment potential.

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Posted by Sam