Governance
Financial Statements
Additional Information
Strategic Report
Angel Gate, London During the year, we obtained residential consent via permitted development rights on 30,000 sq ft of vacant office space. This was made possible during a period when the Article 4 restrictions had lapsed, however, from September 2023, any further conversion of office space to residential was restricted by an updated Article 4 Direction. We engaged directly with both the local and national planning authorities. As a result of this proactive approach, the new Article 4 Direction was modified to remove the entire 1.7 acre site from this restriction, unlocking a further 34,000 sq ft of space for residential conversion. Having secured the site’s full residential conversion potential, this has enabled us to sell the property to a residential developer. Contracts were exchanged in March with the sale completing post year-end. While we worked through the planning position, we were able to maintain occupancy at an average of 50%, ensuring positive cash flow from the asset. 19% Of the total portfolio void Accounting for
Colchester Business Park At Colchester Business Park, we have leased a vacant office suite to a healthcare occupier at a rent of £0.1 million per annum, which is in line with ERV. The lease completed following receipt of planning permission for change of use and once the associated conditions were satisfied.
Picton Property Income Limited / Annual Report 2024
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