Savills has sold a multifamily building in Harrow, London, on behalf of administrators Interpath Advisory, for over £58 mln (€70 mln) to an unnamed buyer.
Developed in 2015, Bradstowe House is a nine-storey, 177-unit rental apartment building, boasting 12,412 m2 of residential space and 154 underground car parking spaces.
The property has an average occupancy of 2.9 years, and over 25% of residents have been in situ for over four years.
The purchaser was advised by Knight Frank.
Andrew Wood, director, Savills Operational Capital Markets, said: ‘We are delighted to have transacted another stabilised London multifamily asset, under highly competitive circumstances and achieving a premium to the guide price. This demonstrates the continued strength of investor appetite for good quality residential assets, with the purchaser seeking to complement their existing portfolio.’
Lloyd Wraith, partner at Knight Frank, added: ‘Bradstowe House represents an exceptional value-add investment opportunity that we are pleased to have successfully identified and acquired on behalf of LRC. Our data-driven approach combined with LRC’s flawless execution capabilities enabled us to outperform global competition. We are thrilled to close another successful transaction, especially amidst the challenging macroeconomic conditions, including two elections and a national budget.’
