The Convent, Farnborough, sold for £1.24m

On behalf of McKay Securities PLC, the Real Estate Investment Trust, The Convent, part of the freehold of the Pinehurst Park complex in Farnborough, Hampshire has been sold for £1.24 million.

The former Victorian convent building has been acquired by a to a specialist residential property development company. The sale price of £1.24 million is well ahead of the McKay’s September 2012 book value of £750,000. This valuation pre-dated the planning consent achieved by Mendip Capital in December 2012 to convert the Convent from office into residential accommodation.