First Property Group has sold a Woking office block with consent for a residential conversion for more than double the amount it bought it this summer.
The property in Old Woking was bought in the summer at a total cost of just under £2.5m and the sales price agreed is £6m in cash, generating a gross profit for the group of £3.1m, after the deduction of sale costs.
Completion of the sale is due to take place on Wednesday.
First Property chief executive Ben Habib said: “This has been the group’s first development project in the UK since 2003.
“Having secured planning permission for conversion to residential use, we are pleased to be able to realise a significant profit on our investment, which demonstrates the group’s flexibility and breadth of expertise across the spectrum of property markets.”
nick.whitten@estatesgazette.com
