Grainger buys Chelsea homes for €195m

Listed resi group Grainger has bought 61 freehold houses in London’s SW3 from Property Investments for €195 mln (£160 mln).

All but three of the assets are tenanted, generating a gross rent of €2.3 mln (£1.92 mln) per annum, and most are unmodernised.

‘It is a very attractive portfolio in one of the most prestigious locations in London and it includes a high concentration of regulated tenancies, a sector in which Grainger has had a long and successful history,’ said Andrew Cunningham, the firm's chief executive.

Of the 61 houses, 13 have assured shorthold tenancies (ASTs), 45 have regulated tenancies (which tend to come with more tenant rights), and three are vacant.

Grainger plans to ‘manage and enhance’ the properties, Cunningham said.