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London property deal for HR Owen

HR Owen said it has entered into a conditional property surrender and lease agreement with landlord Ipcress and Docket, for which the dealer group will receive a surrender premium of up to £10 million.

The deal relates to premises occupied by HR Owen's Jack Barclay site in Wandsworth, London.

Under the agreement, Jack Barclay will be granted a new lease of the premises on completion of the surrender of the existing lease.

The new lease will expire on March 25, 2012, and annual rent will be unchanged at £569,250.

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