|Block Of Flats in Putney Sold For £15 Million|
Property firm makes quick profit on sale of Brittany House
A property investment firm has made a healthy profit on the sale of a block of flat in Putney they bought less than 3 years ago.
Toplander Group purchased Brittany House on the Upper Richmond Road in November 2013 at a cost of £500 per sq ft. The block contains 24 flats.
At the time of the purchase they said, "We anticipate an attractive capital return on the asset from selling the flats post refurbishment at a time of acute shortage of properties in this category."
This week the property press has stated that the group has sold the block to a private investor for £15m resulting in a net initial yield of 3.3%, equating to £670 square feet and a return of around 33% on their investment.
Mark Clegg, Head of Residential Investment at Cluttons who acted for Topland, said, "We have seen continuous rental appetite for Putney properties. The Zone 2 area ticks a lot of boxes for young professionals looking for good commutability into the West End and City while providing local amenities such as popular bars, restaurants and leisure facilities. This makes the asset quite appealing from an investor's perspective. Given the AB demographic of the area, it's needless to say voids are relatively low, too."