11 October 2013
PICTON PROPERTY INCOME LIMITED
("Picton" or the "Company")
PICTON COMPLETES LETTING OF STANFORD HOUSE, COVENT GARDEN, WC2 AND SECURES RESIDENTIAL PLANNING APPROVAL
Picton (LSE: PCTN), the income focused property investment company, has made further progress at Stanford House, achieving both full occupancy and planning permission for change of use of the upper parts from office to residential.
Following a light refurbishment undertaken earlier the year, the remaining third floor of 3,265 sq ft has been let at £170,000 per annum reflecting a rent of £53.00 per sq ft, which is 3% ahead of the estimated rental value (ERV) at 30 June 2013.
Furthermore, Picton applied for planning permission in July this year to convert the 8,900 sq ft of office accommodation on the second to fourth floors into 10 residential units. It has now received confirmation from Westminster Council that this higher value use has been approved.
The income in respect of the upper part offices is secured until 2015 at the earliest, following which Picton will have the ability to implement this residential conversion scheme. In the interim, the Company is reviewing options for an enlarged, higher density scheme.
For further information:
Tavistock Communications 020 7920 3150
Northern Trust International Fund Administration Services (Guernsey) Limited 01481 745529
Note to Editors
Picton Property Income Limited ('Picton') is an income focused, property investment company listed on the London and Channel Islands Stock Exchanges. It was established in 2005 to invest both directly and indirectly in commercial property across the United Kingdom.
With Net Assets of £169.6 million at 30 June 2013 and approximately 860 investors, the Company's objective is to provide shareholders with an attractive level of income, together with the potential for capital growth by investing in the principal commercial property sectors.