Glenstone sells Westcliffe Mansions, Eastbourne
Glenstone has sold a 25 flat residential tower in Eastbourne for a sale price of £5m.
This historic holding which has been intensively managed over recent years to improve capital value. With the prospect of further capital expenditure and a lack of long term development opportunities the decision was taken to take advantage of the high prices being paid for the kind of property asset.
The decision is also in line with the current strategy of selling low yielding assets and re-investing into other property sectors. The sale of Westcliffe Mansions will make a substantial profit over the 2016/17 valuation.
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