Residential site under offer, says DevSecs
Development Securities said it is close to agreeing sales of sites in Broughton, Flintshire, as it gave a trading update for the period from 1 March to 20 July.
DevSecs said: "In May we were advised that the Welsh Minister for Environment, Sustainability and Housing is 'minded to accept' the Inspector's recommendation that outline planning permission be granted in respect of the 19.0-acre residential development site in Broughton near Chester. We have now responded to all the open enquiries made by the office of the Welsh minister and outline planning consent is expected shortly. In the interim, the land has been marketed for sale and is now under offer to a housebuilder at a price in line with our expectations and the completion of this sale is anticipated in Q3 2012.
"In addition, we have achieved outline planning consent for up to 24 residential units on a further 2.5 acre site close by, which is now being marketed for sale. Also, on another separate site at Broughton, on land jointly controlled by the group and Flintshire County Council, we have submitted a planning application for an integrated 42,800 sq ft cinema and restaurant development together with an 80-bed hotel."
DevSecs borrowing at 30 June 2012 stood at 49.5% of portfolio value, rising to 61.4% when including joint venture stakes.
Shares in the company edged up 1.5p to 143.5p.
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