Liverpool landlord seeks PRS investors
A LIVERPOOL landlord has put 46 apartments within a 1960s tower block on the market for £2.9m.
The apartments in Bispham House, Lace Street, which are on a long leasehold, are being aimed at investors keen to embrace the private rented sector (PRS) model of managing a block, rather than individual units.
In this case there are a further 30 apartments in the building which are owned by other investors.
Agents from CBRE are marketing the space and say the flats generate annual revenues of £325,000, representing a gross yield of 11.2%.
Mike Gorman, director of CBRE’s Northern residential team, said: “In a market where there is a significant shortage of built stock, Bispham House represents a unique opportunity for a keen investor to purchase a fully let, residential investment in a superb location in the heart of Liverpool. We anticipate keen interest in this opportunity and look forward to commencing discussions with interested parties.”
The block transferred from council ownership in the 1990s and was previously the subject of a renovation by FM Developments which went into administration in 2009 before the work was finished.
Manchester-based FreshStart acquired the site from administrators and sold individual apartments on the basis of a guaranteed rental return. It went on to sell the freehold.
