Development Securities has sold more sites from a mixed portfolio formerly owned by Paul Kemsley’s Rock Group.
The developer this morning announced the sale of a Churchdale Road, Eastbourne site to a housing association; a Radlett, Herts plot to a housebuilder, and 1-acre Brixworth, Northants site with consent for 15 houses, to Persimmon Homes.
The disposals take the total revenue generated to date to £16.8m, realising a profit of £4m from the Rock portfolio, which DevSec acquired out of administration in October 2010 for £23m – an initial yield of 5.86%.
In addition DevSec secured a resolution to grant planning for 28 residential units in Woodford, Greater London, which will be forward sold to a house builder.
joanna.bourke@estatesgazette.com
