Development Securities (DevSec) has announced the disposal of a 6.5-acre site on
Breck Road, Liverpool, to ASDA.
The site has planning consent for a 75,000 sq ft food superstore. The disposal of the property, purchased by DevSec in May 2004, will generate an initial surplus of £1.25m over book value.
Matthew Weiner, investment director at DevSec, commented: ‘When we purchased the site in May we intended to develop out a non-food retail scheme exploiting our combined expertise in the investment and development disciplines.
“We subsequently submitted a revised planning application for non-food retail warehousing with a view to improving the scheme’s layout and were granted this consent in September,” said Weiner.
‘However, when we received ASDA’s offer, we decided a disposal would allow us to
extract, without letting or construction risk, an early surplus equivalent to the majority of the development profit.
“We continue to target similar opportunities.”
References: EGi News 06/12/04
