14 December 2011
Rugby Estates Plc (the "Company", "Group" or "Rugby")
Property Update
Further to the half yearly results which were announced on 28 October 2011, Rugby is pleased to report the following progress in its directly-owned property portfolio.
Chilton Trinity, Bridgwater, Somerset
Sedgemoor District Council Planning Committee has resolved to grant consent for the redevelopment of this industrial site to provide 67 dwellings and 14 small business units. In accordance with normal practice, formal consent will be conditional on entering into a section 106 agreement.
Surbiton, Surrey
Following planning consent gained at appeal, a lease to a leading supermarket operator has now been completed. The property will be marketed for sale in early 2012, once the tenant has completed fitting out the store and has commenced trading.
Gunstore Road, Portsmouth
Contracts have been exchanged for the sale of the property at Gunstore Road, Portsmouth for £950,000. Completion is due in February 2012.
Andrew Wilson, Chief Executive or Rugby Estates Plc, commented:
"Today's announcement represents further progress in our ongoing strategy to realise inherent value from our portfolio. We have been working for some time to achieve both the residential planning consent at Chilton Trinity and the retail consent for Surbiton. Whilst we were slightly disappointed by the value achieved for Gunstore Road, which reflects the difficult market for secondary property, we continue to proactively manage our portfolio and will make disposals to optimise the cash available to return to shareholders."
For further information:
Rugby Estates Plc
David Tye, Executive Chairman
Andrew Wilson, Chief Executive
+44 (0) 20 7016 0050
www.rugbyestates.plc.uk
FTI Consulting
Will Henderson
Dido Laurimore
+44 (0) 20 7831 3113
Fairfax I.S. PLC
Simon Bennett/Katy Birkin/Laura Littley
+44 (0) 20 7598 5368
