REG - Panther Securities - Property disposal

Panther SecuritiesAnnouncement

16/10/2024 11:15

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RNS Number : 4470I  Panther Securities PLC  16 October 2024

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

 

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