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Quintain Adds to Wembley Holdings

LONDON- Quintain has added to its extensive holdings at Wembley in north-west London with the pounds 17 million ($26 million) purchase of the Palace of Industries building.

By Graham Parker | Updated on April 08, 2003

LONDON-Quintain, which last year bought most of the land surrounding the new Wembley Stadium in north-west London, has added to its holdings there with the £17 million purchase of the Palace of Industries. The purchase price is payable in two instalments: £12 million ($19 million) now and the remainder in 2008.

Built for the British Empire Exhibition in 1924, the Palace of Industries is now Grade II listed. It comprises 370,000 sq ft of warehousing space, ofwhich 80% is leased, with lettings agreed for the remainder. The currentrental income from the property is £1.1 million ($1.7 million) but on completion of the next round of rent reviews this should rise to £1.5 million ($2.3 million).

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