Crowngold Estates Ltd has sold its regional 129-unit residential building River Crescent.
River Crescent, which is located on the banks of the River Trent in the city of Nottingham comprises one, two, three, four- and five-bedroom apartments ranging from 554 sq ft to 2,515 sq ft. The investment features the freehold reversion of 38 flats which have been sold on long leases. The remaining 91 apartments are let on Assured Shorthold Tenancies (AST).
The development also benefits from a member’s fitness suite, residents lounge, swimming pool and conference suite spread across its seven stories. The investment generates an income in the region of £1.4m per annum.
Benjamin Cowen at Crowngold Estates said: “River Crescent is without a doubt the best residential building within a 100-mile radius, with hi-spec spacious apartments and excellent facilities which completed at the start of the financial crisis in 2008. Following our purchase in 2014 we were able to ensure that the building remained fully let, completed the fit out of and sold the penthouses, as well as a number of apartments in the block.”
William Shoebotham, Partner at Allsop commented: “River Crescent offered an excellent investment opportunity, boasting a strong history of occupancy, no voids and good income. The development is also ideally located in a thriving city in a sought-after location offering buyers with the potential to either hold as an investment or break up. We are increasingly seeing significant demand for assets like River Crescent, that offer investors the flexibility to adapt to changing market conditions in an uncertain political climate.”
Michael Donaghy, Associate Director at Savills commented: “The sale of River Crescent demonstrated the weight of demand from well capitalised investors in a market starved of good quality, residential investment opportunities at scale.”
Allsop and Savills acted on behalf of the vendor, Estate Office acted on behalf of the purchaser.