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LONDON (Alliance News) - Panther Securities PLC Tuesday detailed some of its transactions of late, including lettings, disposals, planning consents, purchase and other accounting adjustments that relate to the period since the first half accounts were produced.
In a statement, the company said the deal to lease Ex-Wimbledon Studios, 1 Deer Park Road, Wimbledon to a media production company was completed on November 6 after landlord repairs to the roof and internal building works were completed at a cost of GBP800,000.
"We also confirm that we have received the advanced rental payment," Panther Securities said.
Panther Securities has also agreed to sell freehold investment property 61 Central Avenue, West Molesey, Surrey for about GBP1.2 million.
"This sale will not show a profit but it does turn a non-income producing, vacant building into cash. The property required considerable repair work before it could be occupied and as such we consider the sale a positive result," Panther Securities said.
The company also said a former filling station, Sparkbrook, Birmingham, a 0.6 acre site, is under offer to a housing developer at GBP650,000, subject to obtaining planning consent. The company expects this to be "forthcoming" in early 2015.
"This price is in excess of our book cost and we would envisage a good profit if this disposal takes place," Panther Securities said.
Panther said a former filling station, Barrhead, Glasgow, a 0.3 acre site, is under offer to a supermarket group at GBP250,000, subject to obtaining the required planning use.
"If completed, this will also show a healthy profit on our current book cost," the company said.
Panther Securities has also exchanged contracts for the acquisition of Nasons, Maynard Road, Canterbury, Wincheap Estate, Kent. It agreed the deal on the long leasehold 26,000 square foot (on the ground floor) retail warehouse/ showroom investment just outside Canterbury's ring road for about GBP900,000.
"The property will be let to Nasons (Canterbury) Ltd for a term of 15 years at a rental of £110,000 per annum, with a rent review every five years and a mutual break clause on the 10th anniversary," Panther Securities said.
It also noted that a number of planning consents were achieved.
The company also gave an update on accounting movements.
"The combined valuation of our interest rate swaps as at October 30 was a GBP20.6 million liability compared to liabilities of GBP14.7 million as at December 31 and GBP15.4 million as at June 30," the company said.
"However we expect the likely fair value loss on these derivative financial liabilities, at the year end, to be offset considerably by revaluation gains on our investment portfolio, which showed a gain of GBP3.0 million as at June 30. In particular, the directors expect to see a significant uplift from the revaluation of our Wimbledon property now the lease, described previously, has completed," Panther Securities said.
Panther Securities shares were down 4.0% at 302.00 pence on Tuesday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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