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Development Securities said on Tuesday that it has completed three disposals from its trading and development portfolio, generating revenue of £41 mln (EUR 52 mln).

The London-listed group has completed the disposal of the residential and retail components at Westminster Palace Gardens, Central London, the Wick Site in Littlehampton, and a retail park in Burnley from within the Rock portfolio.

Westminster Palace Gardens, a Grade II listed Central London building, was acquired in June 2010 for £10 mln comprising commercial, residential and retail components. Development Securities secured planning consent to convert the majority of the offices into residential use which were sold for £21 mln as refurbished prime residential accommodation. Further to this, the retail component has been sold for £1.3 mln. These disposals confirm a profit realisation of £4.4 mln, it added.

The Wick Site was acquired in July 2010 for £7.6 mln as a 7-acre distribution and office facility formerly occupied by Body Shop International. Development Securities secured planning consent in February 2011 to reposition the site as a prime food-anchored retail scheme, pre-sold to Morrisons for £12.5 mln for the development of a 47,500 sq. ft. (4,400 m2) foodstore, a petrol station and a car park.

The 42,000 sq. ft. retail park in Burnley, previously within the Rock portfolio, has been sold for £6.5 mln realising a profit of £1 mln. Around 66% of the Rock portfolio by value has now been sold, generating cumulative revenue of £28 mln.