Bradford supported housing property snapped up by investment firm

Triple Point Social Housing REIT has acquired a Bradford supported housing property as part of a £5.5m deal to purchase six schemes across the country. 

The portfolio includes 40 units in total, for a purchase price of £5.5m excluding costs.  The properties are located in Bradford (14 units), Skegness (14 units), North Shields (10 units) and two units in Cheshire (Ellesmere Port and Chester).

The properties acquired as part of the Portfolio all benefit from FRI leases which can be extended at the sole option of the company such that they have a remaining lease term of 30 years. The leases are with My Space Housing Solutions, a Registered Provider regulated by the Homes and Communities Agency.

The rents received under the leases are subject to annual, upward only rent reviews, increasing in line with Consumer Prices Index (“CPI“). The properties comprise specialist homes adapted for individuals with mental health needs and learning difficulties.

The properties are immediately income generating with a net initial yield in line with the company’s investment criteria and returns profile.