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Real estate firm K&C REIT in six-figure Newbury property disposal

Residential real estate firm K&C REIT plc have announced the disposal of a property at 49 Cheap Street in Newbury.

The London-based investment trust has sold off the site for £210k through its Kensington & Chelsea REIT Ltd subsidiary, and marks the third and final ‘non-core’ property in Berkshire that the firm has disposed of in recent months.

K&C acquired the property, consisting of retail premises and a first-floor flat, in March 2014 for £215k along with two other properties in the area.

However, the properties were only ever meant to be short-term propositions which were never intended to ‘form a material part’ of the trust’s ongoing portfolio, according to a statement to the stock exchange.

Despite making a £5,000 loss on the Cheap Street property, the firm claims that it has made £55,000 more than the aggregate purchase price, representing a profit of around £43,000 in total.

K&C REIT’s property investments are usually focused around residential developments in Central London, so the company was at pains to impress that the properties were vey much a ‘non-core’ part of their portfolio.