476 tenanted units in London Grainger Geninvest LLP, a 50:50 limited partnership between Grainger and Genesis Housing Group, has exchanged contracts with the Church Commissioners on 476 units in Maida Vale, Stoke Newington and Waterloo as well as a development site. The portfolio includes 200 regulated tenancies, 87 assured tenancies and 158 assured shorthold tenancies.
Interests in 80 residential units Terms have been agreed with Nationwide Housing Trust for the purchase of a portfolio of legal charges on 80 properties for £5.825m. Most of the units are flats within retirement blocks, built in the mid-1980's and originally sold at a discount of between 10-50% of open market value. The discount was secured through a legal charge.
Grainger can redeem the discount (or the relevant percentage of the prevailing value, whichever is greater) at the sale of the property, a specified date (usually after 25 years) or by agreement.
Northants estate with development potential
In May 2005 we acquired a substantial estate in Towcester for £7.8m, comprising 6 cottages, a house with 20 acres, a farm with a farmhouse, cottage and 454 acres, 986 acres of vacant land and a range of farm buildings with residential planning potential.
The business plan is to gain planning consent to create an attractive residential, sporting and agricultural estate to be sold with vacant possession within 3 years. We will retain the regulated tenanted units until vacant possession is obtained.
