Private UK residential landlord Residential Land is seeking a buyer for a £40 mln (€46 mln) housing development project in London's Chelsea district.
The fully refurbished Peony Court, located in Park Walk, comprises seven three and four bedroom townhouses, 100% let.
'Peony Court offers a rare opportunity to own, freehold, a slice of Chelsea delivering an attractive investment with an annual rental value of £1.34 mln,' commented Bruce Ritchie, CEO and Founder of Residential Land. 'Prime Central London has an undeniable elegance and with the pound deflated against the dollar Peony Court offers a profitable and unique investment opportunity.'
According to the vendor, the sales price represents a potential yield of 3.35%. Planning permission has also been granted to create a penthouse apartment on the roof of the existing apartments overlooking Park Walk.
'The one off strategic sale of a modernised and well yielding asset within our portfolio is part of our underlying strategy to release capital and invest in acquisitions where we see the opportunity to generate growth. We invested £500 mln into Central London residential in 2016 and we are looking to spend a similar amount this year, predominately in new build stock, as we continue to see demand for well-located, modern residences,' Ritchie concluded.
Knight Frank and Savills have been appointed to represent Residential Land on the sale.
