26 March
2008
Property Recycling Group plc
("Property Recycling")
Acquisition
Property Recycling (AIM: PROP), which acquires and prepares
brownfield sites for development, announces that it has exchanged
contracts to acquire a 121 hectares (299 acres) site at Kentford near
Newmarket in Suffolk for £1.96 million. Completion will be on 22
April 2008.
The site is located adjacent to the A14 and is currently in
agricultural use. The site includes 3 dwellings with associated
traditional farm and stud buildings and a restored landfill site of
over 6 hectares (16 acres). In the short term rental income will be
generated from the dwellings and the agricultural land. The site is
subject to an overage provision in favour of the vendor for 21 years,
triggered by the implementation of a change of use and measured by
the change in market value.
Commenting on the acquisition, Paul Rackham, Chairman, said, "This
property is well located. It has previously been considered for
substantial development. We believe there are a number of
enterprising ways of deriving value from the site."
-Ends-
Paul Rackham, Chairman, Property Recycling Group plc 01953 717176
Geoff Nash/ Rose Herbert, FinnCap, Nominated adviser 020 7600 1658
and joint broker
Robert Luetchford/John Webb, Marshall Securities, Joint 020 7490 3788
broker
Visit our website: propertyrecycling.co.uk
Notes to Editors
Property Recycling, which floated on AIM in 2005, specialises in
acquiring and improving brownfield sites for sale to developers or
future end users. The Group selects sites where value can be
increased significantly through remedial works and improved
planning.
The Norfolk based company operates against a backdrop of an ever
increasing national shortage of residential and commercial
development land, a pressure felt particularly in the South East and
East of England. The directors believe that the development of
brownfield sites - predominately redundant industrial sites - is more
likely to gain local acceptance than that of greenfield sites.
Following this acquisition, the Group's portfolio will comprise 7
freehold sites totalling 329 hectares.
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