28 February 2020
SHW's Croydon Development Consultancy team have completed the sale of two unbroken blocks of freehold flats in Upper Norwood.
Development
The properties dating back to the 1800's comprised of 12 let flats, with a car park and lock-up garages. The rarely available unbroken freehold properties offered a residential opportunity for a total rental income of £137,000 per annum and was initially marketed in the region of £3.4m.
Richard Pillow, in our Residential Development Consultancy department was approached last year by an existing private client initially to carry out a red book valuation for accounting purposes. However, this soon turned into an instruction to offer the properties to the open market as the landlord took the decision to offload the asset.
However, market challenges were soon apparent, caused by the continued Brexit uncertainty and toward the end of the year - the general election. Richard and the team remained positive, proactive and had constant communication open with the client to make sure they were apprised in line with market conditions.
After carrying out a successful marketing campaign and viewings, the residential investment was sold following the general election, achieving a gross yield of 4.50%.
The private client said:
"Now that we have sold both the blocks of flats, I would like to put on record my thanks for helping achieve completion yesterday. I know you had to market the properties at a difficult time with the market affected by Brexit and the parliamentary chaos leading up to the General Election.
We had an excellent working relationship, as indeed we did when you successfully marketed and sold other properties for me. I wish you every success for the future."
