Taylor Woodrow Property company nets £7.5 million in sales

Feb 19 2001

Taylor Woodrow Property Company has announced the sale of two office developments, Lauder House and Earlston House on Almondvale Business Park, Livingston, to Legal and General for £7.51 million at a yield of 7.75%.

Earlston House, which formed phase three of Almondvale Business Park, is let in its entirety to Quintiles Scotland Limited on a 15-year lease at a rental of £339,521 per annum.

The property - which has been sold to Legal and General for £4.14 million - provides 2253 sq m (24,251 sq ft) of open plan office space, planned over two floors, along with 119 car parking spaces.

Quintiles, a global contract pharmaceutical organisation ,operates a shared service facility from the premises, and has created a number of new jobs in Livingston.

The neighbouring 1,858 sq m (20,000 sq ft), two-storey Lauder House, which was sold to Legal and General for £3.37 million, has been occupied by Compaq Computer Limited since 1996, at a rental of £240,000 per annum.

Construction has recently commenced on the next phase -the 30,000 sq.ft. Silverburn House, which will be available for occupation in September 2001.

David Mitchell, regional director of Taylor Woodrow Property Company Limited, said: "The yield obtained in these sales demonstrates the strength of the office market and we are confidence that our next phase at Almondvale Business Park will be successful."

King Sturge acted for Taylor Woodrow Property Company while Legal & General was represented by CB Hiller Parker.

For further information:

David Mitchell
Taylor Woodrow Property Company
Tel: 0141 221 7824

Sophie Eastwood
Aylwin Communications
Tel: 020 7497 9707

Notes to editors:

Taylor Woodrow is an international leader in housing and property with integrated specialist construction and engineering expertise. In the year ended 31 December 1999 it had total revenues of £1.5 billion and pre-tax profits of £125 million.