Property type: Residential, Other Property Types & Opportunities
Tenure: For Sale Freehold
Size: 100000 Sq Ft
Location: Windsor House, 1270 London Road, SW16 4DH
PORTFOLIO OF 3 FREEHOLD RESIDENTIAL PROPERTIES IN GREATER LONDON LEASED DIRECTLY TO THE UNDOUBTED COVENANT OF A MAJOR LOCAL AUTHORITY
338 units providing a mix of studio, 1 bed, 2 bed and 3 bed flats. NIA of c. 100,000 sq ft (c. 9,200 sq m). The assets are all located closely together in the North of Croydon. Gross passing rent of £3,538,750 p.a. and an NOI of £3,167,467 p.a. Average WALT of c. 9 years and a WALT to break of c. 6 years. Planning consent to add further 26 units. We are instructed to seek offers in excess of £51,800,000, subject to contract and exclusive of VAT, for the entire portfolio. A purchase at this level, assuming Purchaser’s costs of 6.78%, would reflect an attractive gross yield of 6.40% and net initial yield of 5.73%.