Portfolio of show homes snapped up for £7m

Barberry Group has acquired 24 show homes for a total of £7 million.

The Midlands-based property company has bought the homes on a sale-and-leaseback agreement with two major housebuilders.

Eleven of the properties are located in Derbyshire and previously belonged to Avant Homes. The remaining 13, purchased from Bovis, are spread across the Midlands and the South.

Barberry director Alex Watson said: “We’re constantly looking for ways to develop our portfolio that generate a good income. We’re therefore delighted to have acquired high quality show homes at attractive sites from Avant Homes and Bovis.

“With guaranteed rental income for several years, and the prospect of increasing property values in well-regarded locations, this strategy represents a relatively low risk investment with excellent yields.”

Over the past two years, the firm has completed £23 million of transactions in the residential market, selling apartments in locations including Cheltenham, Lancaster, Warwick, Nottingham, Leamington Spa and Cannock.

Barberry property and marketing manager Emilie Douglas said: “Despite the uncertainty caused by the political situation in the UK, we have found that there is still a strong residential letting and sales market, providing you have good quality properties in the right locations.”