Site sale

Smiths Group recently announced the sale of an eight-acre former operational site in Basingstoke, Hampshire for £16m.


Smiths Group recently announced the sale of an eight-acre former operational site in Basingstoke, Hampshire, for £16m.



Prior to the sale, Smiths secured planning consent for more than 28,956m2 of retail warehouse development on the site.



The site has a current book value of £4.3m and was occupied by part of the Smiths Aerospace division until October 2002, when it relocated to Cheltenham. Smiths Aerospace was sold to General Electric Company in May 2007.



Philip Bowman, chief executive of Smiths group, said: ‘This property sale is part of our drive to maximise returns on capital for shareholders through the disposal of surplus assets within the group.’