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Property Recycling to buy 20 acre site
Written by Business Weekly   
Thursday, 22 February 2007
Norwich’s Property Recycling, which acquires and prepares brownfield sites for development, is set to buy a 20 acre site at Colsterworth in Lincolnshire for £4.75 million. The site, which is located adjacent to the A1 midway between Stamford and Grantham, has 18 buildings with a total area of 218,500 sq ft and planning consent for general industrial, storage and distribution use.

Upon completion, which is expected to occur by 30 June 2007, approximately 145,300 sq ft will be tenanted on short term leases generating approximately £370,000 per annum, with 73,200 sq ft available to let which will produce another £180,000 per annum and potential for a further 129,200 sq ft of new development.

Following this acquisition, the Property Recycling’s portfolio will comprise six freehold sites totalling 513.7 acres. Share price rose 3.48 per cent, up 2p to 59.0p.

 
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