HTI Hawtin

 

TIDMHTI 
 
RNS Number : 2431S 
Hawtin PLC 
07 September 2010 
 

                                   HAWTIN PLC 
 
               DISPOSAL OF PROPERTY AND NEW LETTINGS AT ST ALBANS 
Hawtin PLC ("Hawtin" or "the Group"), the south Wales based property investment 
group, is pleased to announce that it has completed the sale of its 50 per cent 
holding of Hawtin Developments LLP, effective 3 September 2010 for a cash 
consideration of GBP275,000. 
Hawtin Developments LLP owns the former Champion Spark Plug factory at the 
Wirral, which following a formal valuation at 28 April 2010 was valued at 
GBP3.8m (reduced from the previous valuation at 31 December 2009 of GBP4.4m) and 
which, taking into account loans secured on the property, had a net book value 
of GBP350,000 (Hawtin's share therefore being GBP175,000).  The purchaser has 
assumed all liabilities relating to the property. 
This 396,757 sq. ft property with manufacturing, warehouse and offices 
facilities has not been fully occupied for several months.  As a result of the 
disposal, the Group's void space has further reduced to 10 per cent. 
 
Proceeds will be used to reduce bank indebtedness. 
 
Hawtin is also pleased to announce that it has let two retail/office units on 
George Street, St Albans - both on 10 year leases.  The properties are part of 
the Holywell group portfolio which Hawtin purchased in February 2009. 
 
Independent gift shop Rose & Dylan Ltd will open its second outlet in a 490 sq 
ft unit at a rent of GBP19,000 per annum. Temple Ventures Ltd, a fashion 
retailer, has taken 983 sq ft at a rent of GBP25,000 per annum. 
 
Richard Hayward, Chief Executive of Hawtin, commented: 
 
"The recent economic conditions have been particularly challenging for property 
developers and investors and we have worked hard during this period to 
strengthen our position.  We are extremely pleased with the excellent progress 
over the last year in increasing occupancy levels, maximising rental income and 
strengthening our balance sheets. We are now looking to the future to ensure 
that as the market recovers we are best placed to take advantage of any 
opportunities that present themselves." 
Enquiries: 
+-----------------------------------+----------+------------------------+ 
| Hawtin PLC                        |          |                        | 
+-----------------------------------+----------+------------------------+ 
| Nicola Crickmore, Company         |          |      Tel: 01633 682130 | 
| Secretary                         |          |                        | 
+-----------------------------------+----------+------------------------+ 
|                                   |          |                        | 
+-----------------------------------+----------+------------------------+ 
| Seymour Pierce Limited            |          |                        | 
+-----------------------------------+----------+------------------------+ 
| Guy Peters / David Foreman        |          |     Tel: 020 7107 8000 | 
+-----------------------------------+----------+------------------------+ 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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