Property firm completes dozens of sales to overseas investors
Residential property and property investment specialist Centrick Invest has announced it has completed the sale of dozens of apartments to overseas investors at developments in the West and East Midlands.
Centrick Invest has been working with developers to find buyers for more than 55 apartments at four residential developments in Birmingham, Nottingham, Stafford and Sutton Coldfield.
The Birmingham-based team which launched the investment offering earlier this year has agreed more than 55 residential investment sales since April, with the majority sold to investors in the Middle East and Far East, according to new homes and investments director Andy Butts.
He said: “We have very successfully engaged the overseas distribution arm of Centrick Invest to deliver the very best outcomes for our UK clients. Working alongside several developers, we have been able to offer overseas investors some very attractive opportunities and it is great to see so many sales being agreed.”
At Image House, Foregate Street, Stafford, Centrick Invest has agreed sales on 75% of the development since release in mid Q2 and expect that the entire development will be fully sold out by the end of Q3.
“We had been managing this development for a client over the past two years and, after sitting down with them to review their investment, they decided it was the right time to exit. Given the appetite for emerging UK investment locations, we agreed to engage our overseas distribution arm of Centrick Invest with huge success,” said Butts.
“At the Old Art School in Sutton Coldfield our client approached us after trying to sell 12 luxury apartments with a local estate agent with limited success. Again, having reviewed their options we felt the offshore sales strategy was the right one to have maximum impact. Aimed towards the expat community in the Middle and Far East, we’ve seen some great early success, agreeing sales on 50% of the development in the first four weeks.”
Meanwhile, Centrick Invest has also seen significant success at Glassworks in Nottingham’s city centre. The permitted development conversion of an historic glassworks site was launched off plan in a number of territories. Nottingham has continued to grow in popularity with both domestic and international investors and over 90% of the development has been reserved by off-shore buyers in just four months. Centrick Invest expects the remaining units will be reserved in advance of PC which is expected in early November this year.
Butts said: “We’ve been consulting partners with our client on this new home conversion for over two years now and have been with them every step of the way. Like a lot of projects, the build start date slipped due to Covid but once the contractor was able to mobilise and start on site late last year, it was clear that we needed to reassess the developer’s exit strategy.
“After due diligence and weighing up the value options, the client opted to take this development to market through our offshore distribution channel and has seen exceptional early results. As well as fully guided investment sales we’ll also be helping all of the investors purchasing these apartments with initial set-up of their assets, from providing furniture packages, finding suitable tenants as well as looking after the overall building and estate management.”