Landmark secures £1.2m ground rents portfolio
LANDMARK Investments Group, the Bolton-based ground rent specialist, has completed its second large deal this month.
It has spent £1.2m on acquiring a portfolio in Salford from LPC Living, which is owned by the Pervaiz Naviede Family Trust.
It includes 611 apartments and houses in the Hulton Square and Radclyffe Park areas of Ordsall which have been developed in the last five years.
The deal takes Landmark’s commercial and residential ground rent portfolio to over 10,000 units, with a value of around £12m. Earlier this month Landmark bought a portfolio of ground rents covering 366 properties and various plots of land between Cheetham Hill Road and Great Ducie Street, taking in parts of the old Boddingtons Brewery site.
Managing director Mark Hawthorn said: “Although the price paid is very strong and was done via competitive tender, we are happy with our purchase. The profile of the stock sits very well within our larger portfolio and will perform very well over the life of the asset.
“The purchase, along with a number of other recent acquisitions, has pushed our portfolio over 10,000 units, which is a significant stage in our business growth plan. We are geared around 55% and are now using private funds as opposed to bank debt which gives us far greater flexibility and spending power.”
Patrick Sheehan, Irwin Mitchell acted for Landmark. Mary Thakkar, Gateleys acted for LPC Living.
