News
January 2010: We have commenced the year by re-investing some of the proceeds received from last year’s disposals.
These include the purchase of a residential block of 10 flats in Barking which is occupied by corporate tenants. The property is within walking distance to the station and easily accessible for commuting to the City, Canary Wharf and West End. The building was constructed in 2007 and is fully let, producing a yield of 8.7%. This investment was purchased at a 35% discount to open market value.
December 2009: Unistar and Palmhurst Group have decided to take advantage of the current surge in optimism in the market by disposing of several unencumbered assets. Disposals include: A residential block in Bloomsbury which has been held within the investment portfolio for 10 years. The property increased in value by 155% whilst in our ownership.
A residential block in Islington which increased in value by 84% whilst in our ownership.
The company’s policy is to re-invest the cash received from the above disposal in 2010.
November 2009: The Palmhurst Group continues it's acquisition drive by acquiring a residential building in East Dulwich which has been extensively refurbished and pre-let to corporate tenants prior to the completion of the refurbishment works.
We are pleased to announce the disposal of an office building Let to the Government. The property achieved at a 5% yield and sold by auction achieving 20% over the guide price.