Ground rent portfolio sold for £600,000
REAL Estate Group has completed the sale of its residential ground rent portfolio for three of its schemes in Glossop, Manchester and Shipley totalling £600,000 to Long Harbour.
Jewel House in Manchester’s Northern Quarter was sold for £143,603. Real Estate purchased the property in 2012 and the Grade II-listed building features two restaurant/bars and is in a prime Northern Quarter location in Manchester city centre.
It was originally built as a merchant’s warehouse and after Real Estate purchased the property in 2012, extensive renovation works have been undertaken to the exterior of the building to bring it back to its former glory. Real Estate is currently selling 14 luxury apartments in the building.
Howard Town Retail Park in Glossop is a 75,000sq ft site anchored by M&S Simply Food, Travelodge, JD Wetherspoons’ and Edinburgh Woollen Mill/Peacocks.
There are also 52 residential apartments retained by the vendors when thesite was sold in April 2015. The sale of this site equalled £323,275.
Laura Ashley House in Shipley, West Yorkshire was originally bought in 2012 as a distressed bank asset.
The freehold property consists of a 4,500sq ft retail store let to Laura Ashley Limited with residential apartments above. The building underwent active management during the period of Real Estates ownership with above average residential rental growth. The ground rent on this site equalled £133,122.
Real Estate chief executive Damian Flood said: “We are pleased to have completed the exit from these properties.
“The ground rent sale has been a valuable exercise in securing the final value from our mixed use properties. With up to 1,000 more units in our pipeline we expect to be doing lots more similar transactions.”