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Trafalgar New Homes commenced construction work in Speldhurst in July, supported by a ten-month build facility loan from Lloyds Bank. The final unit at Burnside was sold for £325,000 in February 2023. This month, Selmat accepted an offer of £950,000 for Orchard House, while Trafalgar Retirement+ is seeking to renegotiate the option price at Leatherhead.
| Date | 26 Jul 2023 |
| Time | 13:54:54 |
| Category | Trading updates |
| ID | 3005H |
Certain information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR") as applied in the United Kingdom. Upon publication of this Announcement, this information is now considered to be in the public domain.
26 July 2023
TRAFALGAR PROPERTY GROUP PLC
("Trafalgar", the "Company" or "Group")
Trading Update on Property Interests
Trafalgar (AIM: TRAF), the AIM quoted residential property developer operating in southeast England, announces the following trading update on its property interests:
Speldhurst
Trafalgar New Homes has appointed a contractor and work on the construction of the new build in Speldhurst has commenced in July and is progressing well. A build facility loan for ten months is in place with Lloyds Bank.
Burnside
The final unit at Burnside has now been sold at a price of £325,000 before costs. The sale completed in February 2023 and the net sale proceeds were used to clear the associated mortgage and loan funding attached to the property.
Leatherhead
Trafalgar Retirement+ is seeking to renegotiate the price on the option at Leatherhead to reflect current market conditions. To date, renegotiation has not been possible.
Orchard House
Selmat are delighted to announce that an offer of £950,000 has just this month been accepted and is undergoing legal due diligence.
Other opportunities
The group continues to look at other opportunities but are conscious of the current market conditions.
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Enquiries Trafalgar Property Group Plc Paul Treadaway
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+44 (0) 1732 700 000 |
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Spark Advisory Partners Ltd - AIM Nominated Adviser Matt Davis
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+44 (0) 20 3368 3550 |
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Peterhouse Capital Limited - Broker Duncan Vasey/Lucy Williams |
+44(0)20 7409 0930
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Notes to Editors:
Trafalgar Property Plc is the holding company of Trafalgar New Homes Limited, Selmat Ltd and Trafalgar Retirement+ Limited, residential property developers operating in the southeast of England. The founders have a long track record of developing new and refurbished homes, principally in Kent and Surrey.
The Company's focus is on the select acquisition of land for residential property development. The outsources all development activities, for example the obtaining of planning permission, design and construction, and uses fixed price build contracts, enabling it to tightly control its development and overhead costs.
For further information visit www.trafalgarproperty.group .