Property developer Amelwood has instructed Centrick Property to sell 24 tenanted apartments in Erdington.
Amelwood, a Belfast-based commercial and residential developer and investment company with interests around the UK, built its Queen’s Court development, comprising 11 one-bed and 13 two-bed apartments, in 2008.
The original intention was to sell the homes off plan but the global credit crunch meant would-be buyers struggled to obtain mortgages, so Amelwood decided to rent them out instead.
The strategy has proved successful, with voids of less than five per cent over the last three years.
Amelwood has now decided to realise its investment, in order to free-up cash for other projects.
The apartments range in price from £66,950 to £104,950 and are on the market with the Birmingham office of Centrick, the sales, lettings and estate management agency. Rents range from £475 to £625 per month, with a total rent roll for the development of £10,080 per month.
Centrick director, Carina Hill, said: “The apartments are a great investment opportunity. They have a proven lettings record, with an average yield of 7.4 per cent and up to 8.6 per cent– significantly better than what the banks are currently offering.
“They will appeal to larger-scale residential investors or single investors perhaps looking to build a pension pot.
“With occupiers in situ, there is no need to instruct agents or find and vet tenants. The turnaround for this activity is typically 4-6 weeks, with a potential loss of income of between £750 – 1,000 for this void period. All the apartments are fully furnished, removing all the hassle for landlords, with a rental income from day one. All in all, it offers investors a total turnkey solution.”
In addition to Centrick’s lettings division managing all of the existing tenancies, the company’s estate management team is responsible for managing the development, which, in addition to the apartments, includes 11,200 sq ft of retail space on the ground floor. Tenants include Tesco.
Shaun McClure, director at Amelwood, said: ”Queen’s Court has achieved top-of-the-market rents for the last three years. Centrick’s proactive management means vacancy levels have been kept to a minimum and Amelwood has enjoyed excellent returns. The apartments will provide an immediate income for new investors.” Queen’s Court is prominently located, on the Six Ways roundabout in Erdington. Many of the apartments have balconies or roof terraces and there is a communal roof garden. They are furnished to a high standard.
Picture caption: Queen's Court, Erdington, Birmingham: 24 tenanted apartments are being offered for sale through Centrick Property
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