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Investment News
Acting on behalf of their retained clients, Hillary’s Residential, FHP Property Consultants are pleased to announce the completion of the acquisition of the first of two residential investments for the above company.
Over the last few years having established and built a substantial portfolio of commercial properties and financing a number of developments, Hillarys took the decision many months ago to diversify into residential investments to complement and broaden the spectrum of their portfolio.
Recent completions include the acquisition of 76 Hounds Gate. This prominent Georgian building is located opposite the famous Robin Hood Statue and Nottingham Castle. The property comprises accommodation arranged on basement, ground and two upper floors and consists of 3 contained flats accessed from Hounds Gate.
The property is capable of producing an income of circa £21,500 per annum. A number of works are required to the property in order to bring it up to present standards, however because of the location of the property there is a very substantial demand for tenants to have the benefit of such city centre apartments.
The purchase price agreed was £210,000 and after various works of renovation have been completed it will produce a return of circa 9% on the increased rentals which will be attributable to the property once the works of refurbishment have been completed.
At the same time, Hillary’s are also pleased to announce the acquisition of 30 – 32 Salisbury Street, Loughborough. The property comprises a detached block of 6 apartments, together with 2 self-contained houses.
The property was purchased from the Receivers. In arriving in an assessment of the capital value, one had to take into account the extensive works required to complete the property and also to comply with building and other statuary regulations.
Upon completion of the works of renovation the property should be producing an income of something in the region of circa £45,000 per annum, which will show the purchasers a gross return in the region of 9% after all capital expenditure.
Noel Roper of FHP Property Consultants who acted on behalf of Hillary’s in both instances commented:-
“We are delighted that we have been able to broaden the spectrum of Hillary’s Properties portfolio. We are particularly pleased that we have purchased these properties as they both proved extremely difficult and time consuming for a number of reasons.”
Currently a number of other projects are being considered with the view to creating a substantial portfolio of residential investments to be retained in the medium term for income purposes.
END
Noel D. Roper
Date: 27/03/2013
Tel: 0115 8411132
Email: noel@fhp.co.uk