Rathbone East is located in Canning Town, London, an area popular with renters due to its excellent connectivity and access to major employment hubs. The property comprises 87 one and two bedroom apartments, with a robust occupancy track record, providing strong, consistent income returns. At the point of sale the property was 99% let.

Built in 2008, Waterside Apartments is located on the edge of Leeds City centre and comprises 183 apartments. The property offers a more affordable rental product compared to a number of the recently completed BTR schemes in Leeds, which has resulted in consistently strong levels of demand. Despite major cladding works that were undertaken in 2020, Waterside Apartment has averaged 92% occupancy over the last two years and was 98% occupied at the point of sale

Dan Smith, Associate Director in Savills Operational Capital Markets team says "We are delighted to have advised LRC Group on their acquisition of the Project Duke Portfolio. With the return of students and a young, mobile workforce; city centre demand has rebounded. The relative imbalance between tenant demand and supply of BTR has increased, which will support the strong future performance of Project Duke."

Mital Patel of LRC Group, "I am extremely proud of my team on this acquisition, there was considerable interest from several Funds to acquire Project Duke. We are keen to continue adding further assets to our portfolio. There is strong competition in the market for such assets, but we have once again evidenced that LRC have the appetite and ability to transact on large complex deals.

Philip Nell of LaSalle Investment Management commented "The sale of these assets followed considerable asset management over the last 5 years, and we are very pleased with the result. Liquidity in the sector continues to develop, but overall there is still a significant lack of supply in the face of growing investor demand. We see this transaction as a material step-forward in the ongoing maturing of the UK's Build to Rent market."

OCM Residential page:

https://www.savills.co.uk/services/investment/residential-investment-and-development.aspx

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Savills plc published this content on 01 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 December 2021 15:30:04 UTC.