U+I Group has made a £2.7m profit from the sale of assets in Watford and Glasgow.
The property regeneration company has exchanged contracts with Henley Homes for the sale of Rembrandt House, a 40,000 sq ft office building in Watford, Hertfordshire.
The building has planning consent for a 43-home residential development and was sold at a £700,000m profit.
The sale marks the final phase of delivery at the 3.4-acre regeneration site, where the first phase of a residential redevelopment of the whole site was sold to a housebuilder for £5.6m in April 2014.
In Braehead, Glasgow, U+I has sold a 103-bedroom hotel to Whitbread for £6.8m – representing a profit of £2m.
Acquired from a receiver in 2010 as a vacant hotel building, U+I refurbished the space and secured a management contract with Louvre Hotels Group, which operated the hotel under its Campanile brand, achieving average room occupancy rates of 81%.
Matthew Weiner, chief executive at U+I, said: “We maintain absolutely focussed on delivering value from across our portfolio as we capture gains from our regeneration activities and dispose of mature assets, with the aim of recycling capital out of smaller projects into fewer, larger regeneration opportunities.”
