Page 8 - McKay 2013 Full Year Presentation

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8
• June 2012: acquired from receivers for £3.50m
(35% yield)
• December 2012: residential planning consent
obtained for the convent
• January 2013: IBM lease regear completed:
– lease extended to January 2018 @ £0.50m pa
– convent released
• March 2013: convent sold for £1.24m, giving
18% yield on net investment of £2.78m
• Potential capital gains from residential use of
remaining 2.1 acres at 2018 lease expiry
Pinehurst Park, Farnborough
Portfolio review