News

Streets ahead as rare investment opportunity hits market

Monday, 21 November 2016

Share this story:
A portfolio consisting of 73 properties spread across two neighbouring residential streets in Leeds has come to the market.

The freehold Elland Portfolio includes 44 flats and 29 houses and is situated on two adjoining streets; Kirk Beston Close and Cross Heath Grove, in the suburb of Beeston.

The Yorkshire office of leading UK real estate advisory firm Bilfinger GVA has been appointed as asset manager to Nick Edwards and Dan Butters of Deloitte, the Administrators of Angelic Interiors Limited.

Angelic Interiors operated a large buy to let portfolio of around 300 properties, predominantly across the north of England and including Elland Portfolio, prior to administration.

Joint agents on Elland Portfolio are Allsop and Carter Jonas.

Andrew Foster, senior director in the restructuring and recovery team at Bilfinger GVA in Leeds, said 62 of the properties are subject to assured shorthold tenancies, four are subject to assured tenancies, while four properties are presently vacant.

Mr Foster said: “The properties in Elland Portfolio are all held under a single freehold title and there is potential for active asset management to increase rents to market levels.

“The total current rent reserved is £357,778 per annum and with the portfolio fully let the estimated rental value would be in the region of £403,500 a year.”

All properties are of traditional brick construction set beneath pitched tiled roofs. It is understood that throughout the portfolio windows are in part UVPC double glazed and in part single glazed wood framed. In addition, some units benefit from gas central heating whilst others are heated electrically. Sufficient parking is available for all properties.

James Wilson, residential investment and development partner at Allsop in Leeds, added: “It is rare for a residential investment opportunity such as Elland Portfolio to come to the market and in many ways it is an unusual opportunity, especially given its single freehold status.

“However, we expect major national interest from a wide ranging pool of investors in what is a special addition to the market.”

Offers are invited for the portfolio in its entirety by Tuesday, December 6 at noon, subject to all existing tenancies, and subject to contract.

For further information contact Andrew Foster, senior director, restructuring and recovery at Bilfinger GVA, on 0113 2808046 or email andrew.foster@gva.co.uk