Panther Securities PLC Property disposal

RNS Number : 4132W

Panther Securities PLC

10 February 2025

 

10 February 2025

Panther Securities PLC

(the "Company" or the "Group")

Property disposal

 

Panther Securities PLC announces that it has completed on the sale of its freehold interest in Charles House, Premier House and 78 Darlington Street, Wolverhampton, for £2,500,000 in cash to a local developer.

The property was purchased in August 2010 for £1,560,000 including purchase costs. It comprises a mixed-use scheme of approximately 70,000 sq ft. on 1.2 acres of city centre land. On purchase it produced rents of £278,000 per annum (and £195,000 after costs) and was at purchase already clearly a potential development due to its size and location. The Group managed to maintain a high level of income for almost its entire ownership. The property most recently produced rent of £122,000 per annum (and circa £80,000 after costs).

The purchase price represents an increase of £330,000 on the current book value for the property of £2,170,000.

The funds received by the Company will be held for future property investment which has yet to be identified.

For further information:

Panther Securities plc:                                                                               Tel: [phone]

Andrew Perloff / Simon Peters

Allenby Capital Limited (Nomad and Joint Broker)                                     Tel: [phone]
Alex Brearley / Piers Shimwell

 

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