Landmark acquires 42-acre ground rents portfolio

BOLTON-based ground rents investor Landmark Investments Group has bought a portfolio that spans 42 acres north of Manchester city centre.

It includes 366 properties and various plots of land between Cheetham Hill Road and Great Ducie Street, taking in parts of the old Boddingtons Brewery site.

The portfolio, the largest bought by Landmark so far, was acquired from a private offshore investor and apparently required no bank financing. The value was not disclosed.

Tenants include Barclays Bank, Manchester City Council, AXA and Royal Bank of Scotland. The portfolio is expected to generate annual revenue of around £100,000.

Landmark director Mark Hawthorn, pictured, said: “We started to acquire commercial ground rents in late 2012 as part of our wider expansion plans. This portfolio fits perfectly with our strategy and we are at contracts with a number of other, larger deals across the UK, with substantial cash funds for further acquisitions.

“We have moved away from bank funding and are able to acquire cash which is far more attractive to any vendor. It’s an extensive portfolio and the deal was complex due to its size and age. It will require extensive asset management which we relish – it’s a big bonus being on our doorstep.”