MASHONALAND Holdings (Mash Holdings) says it received and accepted a compelling offer of US$7,4 million for the purchase of Charter House during the first quarter ended March 31, 2022.

The property concern said plans to convert Charter House into a boutique hotel were affected by the Covid-19 pandemic and the agreement between Mash Holdings and Touchroad International was subsequently terminated in 2021 to pave way for other options to sweat the asset.

“The company decided to dispose of the property to support its diversification strategy. The company seeks to reduce its concentration in CBD office space, by disposing of its noncore and low performing properties, to increase presence in retail and office park segments,” the group said in a trading update.

Mash Holdings is planning to direct some of the proceeds from the disposal of Charter House towards developments at Pomona and the medical facility in Milton Park.