U+I says Machine Store sale boosts development gains to top end of target range
Source - SMW
Regeneration developer U+I said the sale of the Machine Store at The Old Vinyl Factory development to Crest Nicholson realised gains of £2.0m in the 2018 financial year, in line with expectations.
U+I secured planning consent at the Machine Store for the development of 81 homes and around 11,200 square feet of retail and commercial space, which would be delivered by Crest Nicholson.
'The gains realised from this sale have contributed to the record level of development and trading gains achieved in financial year 2018, at the top end of our target of £65-70m,' deputy chief executive Richard Upton said.
'We are also pleased to be retaining the commercial element of the development within our investment portfolio, as we acquire assets that better align with our focus on regeneration, targeting investment portfolio returns of 10% per annum.'
At 1:26pm: (LON:UAI) U and I Group Plc share price was +3.4p at 198.6p