‘Distressed resi attracts investors’
THERE has been a surge of interest from investors in distressed residential sites, according to a Salford-based agent.
Majid Zameer, managing director of Zameero, says he handled £20m of residential acquisitions in the first six months of the year, up from £2m in 2011.
Among the deals were: 32 apartments in Sefton Street, Liverpool; 22 flats at The Chancel, Prestwich, 25 flats in Glasgow’s West End; and eight upmarket apartments in Formby.
Mr Zameer said: “The apartments in Liverpool were owned by an Irish bank, they were brand new but had never been lived in. They were all empty but within two weeks the client had let them all, which shows how strong the letting market is.”
Mr Zameer, a former investment director at McCafferty Asset Management in London, set up Salford Quays-based Zameero in 2009 to handle residential and commercial investments.
“In the last couple of years it’s been difficult to do commercial investments, it’s been difficult to attract people because of things like vacant rates and competition on rents. There are so many negatives on the commercial side.”
But investors are keen to lok at residential, says Mr Zameer, who has been able to achieve discounts of up to 30% on deals with receivers.
He added: “There’s a lot of cream outside the M25. There’s a lot of potential here because the margins are better. London’s very tough because there’s so much market competition.”
