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DTZ secures £1.3m residential portfolio sale at Leftbank, Spinningfields

wantspacegotspace.co.uk - DTZ secures £1.3m residential portfolio sale at Leftbank, SpinningfieldsActing on behalf of Kavanaghfennell based in Ireland, DTZ Manchester, has sold a portfolio of 10 one bedroom apartments at Leftbank, Spinningfields to Wren Properties Ltd for just under £1.3m.

The apartments are fully tenanted and produce an annual rental of £94,320 per annum, with the sale price reflecting an initial yield of approximately 7%.

Set on the south west corner of the Spinningfields development, Leftbank is positioned in amongst the mix of bars and restaurants. One of the most popular schemes for rental within Manchester city centre, all the apartments are spacious one bedroom units, with each benefitting from a basement car parking space.
 
Michal Skotny, Associate Director at DTZ who acted on behalf of Kavanaghfennell, a specialist in corporate recovery and insolvency issues, confirmed: “The sale price shows the current strong level of investor appetite for well located quality apartment portfolios from both regional and London based investors. This is very encouraging and potentially indicates that some investors are broadening their requirements to areas outside London, with a growing consensus that some regional residential investments offer robust income but potentially more attractive returns than London based stock.
 
“A total of nine competitive bids were submitted, with the level of offers testament to the attractive lot size and the income and return fundamentals supported by strong rental demand. This was coupled with the ability to achieve a break up of the portfolio within a reasonable timescale. The yield of 7% is an excellent result, particularly given that service charge levels at the development have increased by approximately 30% over the past 5 years.”

Posted by The Editor (wantspacegotspace) on 8th March 2013

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