Agreement to lease between 900,000 sq ft and 1,100,000 sq ft of business accommodation by the Beijing Association of SME
and revaluation of land at Manston Business Park, Thanet, Kent
Commercial group properties Plc, the recently AIM-listed property development company, announces that it has signed a ten year agreement with Beijing Association of SME to lease between 900,000 sq ft and 1,100,000 sq ft of business accommodation at the Manston International Business Park on 49.53 acres of the site which is allocated employment land, and is also subject to and with
the benefit of such agreement in respect of 1,000,000 sq ft.
The potential income from this development has substantially increased the value of the Manston site, and CGP has received from Savills (L&P) Ltd a revaluation of land at its Manston Business Park site, reporting an increase in the value of the original 105.79 acre site from #16.7 million to #37.4 million.
Taking into account not only the valuation referred to above, the valuations of all the other CGP's sites, as set out in the AIM Admission Document, and also a valuation of #8,000,000 for an additional 73 acres east of Manston Business Park prepared at the time of the acquisition in March of this year, the total Market Value of CGP's sites is #56,500,000.
The revaluation process was conducted on an open market value basis.
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For further information, please contact:
Commercial group properties Plc +44 (0) 1843 860866
Ken Wills
Beaumont Cornish Limited +44 (0) 20 7628 3396
Roland Cornish
Holborn Public Relations Limited +44 (0) 20 7929 5599
Mark Longson
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