Development Securities has disposed of three UK properties, making a total profit of £6m.
The residential and retail components of Westminster Palace Gardens have been sold for £21.9m, a profit of £2m. The Wick site in Littlehampton was sold to Morrisons for £12.5m, a £3m profit, while a retail park in Burnley was sold for £6.5m, a £1m profit.
Westminster Palace Gardens was bought as a Grade II listed office building, converted into residential and sold as prime London accommodation. The Wick Site was repositioned from a distribution and office site to a retail scheme, anchored by Morrisons.
DevSec bought the secondary assets following its 2009 equity raise and said the profit margins realised were part of its strategy of “repositioning secondary real estate into prime or near prime markets”.
