EWART, the Belfast property company, has sold an investment property in Livingston, Scotland, for £2.55 million sterling cash. The property, which was purchased in 1993, was valued in its balance sheet at £2.5 million. In real terms, there was no gain on the sale.

The property, let to Livingston Development Corporation, generated an annual rent of £222,250. This puts it on a yield of 8.7 per cent. Ewart said the proceeds would be used "in furtherance of the group's other investment and development activities".