979 tenanted units in London; Grainger Geninvest 2 LLP, a 50:50 partnership between Grainger and Genesis Housing Group, have completed the acquisition of 976 units from the Church Commissioners. The portfolio known as the Octavia Hill Estate is made up of five estates in Pimlico, Walworth, Waterloo, Winchester Park and Vauxhall. The portfolio includes 327 regulated tenancies.
Royal Avenue House; Completion has taken place with regard to the acquisition of the head-leasehold interest of the above. The property acquired from Railway Pensions Nominees Limited is situated on Kings Road at it's junction with Royal Avenue in Chelsea and comprises 20 units in total and includes 5 regulated tenancies.
Caroline House; We have acquired the freehold interest in Caroline House. The property is a purpose built block on flats on Bayswater Road directly opposite Hyde Park. The block comprises 59 self contained flats in total of which 10 are regulated and 10 are either assureds or assured shortholds. The property also has planning permission for the erection of two additional units on the roof which will benefit from exceptional views across Hyde Park.
Northants Estate; In September 2005, we acquired further property in addition to our original acquisition in April. Our total acquisition price is around £10.7million, and our purchase now comprises: 18 houses and cottages in the village of Hulcote; a traditional secure tenanted farm extending to 454 acres with a period farmhouse, extensive range of traditional buildings and a farm cottage; two traditional ranges of farm buildings with potential for residential conversion; about 986 acres of vacant land; and a 50,000 tonne commercial grain store.
The business plan is to explore the planning potential of the redundant traditional farmbuildings in order to create an attractive residential, sporting and agricultural estate to be sold with vacant possession within 3 years. We will keep the regulated tenanted cottages whilst improving the general environment around Hulcote village in order to maximise the resale values on vacant possession. The commercial grain store continues to provide a good income whilst we explore the planning potential of the site.
Essex Portfolio; In December, we acquired a portfolio of 21 regulated tenanated cottages in north and west Essex for around £4 million. The majority of the properties are well maintained and are in attractive rural locations with the benefit of large gardens. We anticipate achieving good resale values on obtaining vacant possession.
