13 October 2014
PICTON PROPERTY INCOME LIMITED
("Picton" or the "Company")
RESIDENTIAL & FOODSTORE PLANNING SUCCESS
Picton has secured the resolution to grant planning permission for the
development of a retail and residential scheme at its six acre Westlea Campus
site, Chelmsford Road, Swindon.
This follows the submission of a planning application in April this year to
convert the former office scheme into a 15,000 sq ft foodstore and up to 70
Picton exchanged contracts with Aldi earlier in the year to sell a 1.6 acre
retail element of the site, subject to receipt of planning permission. With
this resolution secured, the contract will now become unconditional once the
s.106 agreement is finalised and the judicial review process is complete.
In addition the remaining 4.4 acre site, which has outline residential planning
consent, will now be brought forward for disposal in the coming months.
Michael Morris, Chief Executive of Picton Capital commented: "We are really
pleased to have achieved this approval within such a short period of time. We
are shortly in a position to realise the valuation upside from this asset
management initiative and will look to reinvest the proceeds into income
producing assets in due course."
For further information:
Jeremy Carey/James Verstringhe, 020 7920 3150, email@example.com
Picton Capital Limited
Michael Morris, 020 7011 9980, firstname.lastname@example.org
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
St Peter Port
David Sauvarin, 01481 745001, email@example.com
Note to Editors
Picton Property Income Limited (´Picton´) is an income focused, property
investment company listed on the London Stock Exchange. Picton can invest both
directly and indirectly in commercial property across the United Kingdom.
With Net Assets of £258.9 million at 30 June 2014 and approximately 870
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.