Ace Liberty & Stone - Statement re property transaction
RNS Number : 9243E
Ace Liberty & Stone PLC
24 October 2018
 

 

 

ACE LIBERTY AND STONE PLC

(''Ace'' or "the Company'')

SALE OF HUME HOUSE IN LEEDS FOR £3.9 MILLION

 

Ace Liberty and Stone Plc (NEX: ALSP), the active property investment company, capitalising on commercial property investment opportunities across the UK, is delighted to announce that it has completed the sale of Hume House in Leeds for a total consideration of £3,900,000.  The property was purchased in March 2014 for £1,670,000.

 

The building has been bought by Olympian Homes, specialists in sourcing and developing mixed commercial and residential sites, who plan to develop the property into student accommodation.

 

Construction work started on the 37-storey building this week. The site, located on Tower House Street, will provide 752 bedrooms of purpose-built student accommodation, along with a roof terrace on the 35th floor to take advantage of the uninterrupted views across the city. At its peak Hume House will create over 300 construction jobs and will create a number of apprenticeships. 

 

When completed it will be the tallest building in Yorkshire and North East England with a height of 114.3m and will provide 278,000 sq. ft. of accommodation.

 

Ace Liberty and Stone were instrumental in this development, working with the buyer to secure planning permission for the development.

 

Ismail Ghandour, Chief Executive Officer, commented:

 

"This transaction is an excellent example of the Company's investment strategy in action and shows our ability to spot value in the market and deliver healthy returns for our investors.  We identified Hume House as a Government let building in a key regional gateway location with only two years' left on its lease at the time of purchase.

 

"Importantly we are focussed on acquiring properties that have a variety of potential uses, whether that means potential development, improvements or rental agreements.  In this case the developers plan to build a much larger structure in place of the current building, which will become the largest building in the North of England. This will be a wonderful edition to Leeds, a regional hub that continues to attract investment, especially as the plan is for the building to become student accommodation, a key asset to the University, the surrounding urban area and the city as a whole."

 

The Directors accept responsibility for this announcement.

 

 

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For further information, please contact:

Ace Liberty & Stone Plc


Ivan Minter, Financial Director

Tel: +44 (0) 20 7201 8340


http://acelibertyandstone.com

Alfred Henry Corporate Finance Ltd, NEX Exchange Corporate Adviser


Jon Isaacs / Nick Michaels

Tel: +44 (0) 20 3772 0021


www.alfredhenry.com



Belvedere Communications

Tel: +44 (0) 20 3687 2756

John West


Kim van Beeck


 

Notes to Editors

 

Ace Liberty & Stone Plc is a property investment company with a diverse portfolio of properties located across the UK, currently including Leeds, Sunderland, Plymouth, Dudley, Gateshead, Barnstaple, and London. The Company locates commercial and residential properties which have the potential for an increase in value through creative asset management activity, such as change of tenancy, change of use or new lease negotiation.  Ace has maintained a track record of generating strong profits at disposal of properties and achieving better-than average returns on capital. With strong support from shareholders and mortgage lenders, the Company is currently seeking further investment opportunities in the UK to create value for existing and new investors.

 

Ace is run by a board with extensive property experience, an excellent network of contacts and relevant professional qualifications. This sector expertise has allowed the Board to identify opportunities and act promptly to secure investments.

 

For more information on the Company please visit www.acelibertyandstone.com


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