6 May 2025
PICTON PROPERTY INCOME LIMITED
('Picton' or the 'Company')
Portfolio Update
Picton secures rooftop residential scheme consent
Picton is pleased to confirm it has secured approval, via permitted development rights, to create an additional floor of residential accommodation above offices at 50 Farringdon Road, London EC1.
The consent allows for the creation of a new fourth storey, comprising 13 residential flats and totalling approximately 8,200 sq ft, all with views across the London skyline towards St Paul's Cathedral.
This is the first Class AB Permitted Development application approved by the London Borough of Islington, enabling residential accommodation to be built above existing commercial assets and without the need for a full planning application.
Michael Morris, Chief Executive of Picton, commented:
"This will be the fourth office asset where we have achieved planning permission since 2023 and demonstrates the success of our strategy to create value from alternative uses within our office portfolio. I would like to thank our team and advisors for their efforts in achieving this excellent outcome."
For further information:
Picton
Kathy Thompson, Company Secretary
020 7011 9988, kathy.thompson@picton.co.uk
Tavistock
James Verstringhe
020 7920 3150, james.verstringhe@tavistock.co.uk
About Picton
Established in 2005, Picton is listed on the main market of the London Stock Exchange and is a constituent of a number of EPRA indices including the FTSE EPRA Nareit Global Index.
Picton owns and actively manages a £737 million UK commercial property portfolio, invested across 48 assets and with around 350 occupiers (as at 31 December 2024).
Through an occupier focused, opportunity led approach, Picton aims to be one of the consistently best performing diversified UK REITs and has delivered upper quartile outperformance and a consistently higher income return than the MSCI Quarterly Property Index since launch.
With a portfolio strategically positioned to capture income and capital growth, currently weighted towards the industrial sector, Picton's agile business model provides flexibility to adapt to evolving market trends over the long-term.
Picton has a responsible approach to business and is committed to being net zero carbon by 2040.
For more information please visit: www.picton.co.uk
LEI: 213800RYE59K9CKR4497
ENDS
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