FHP, working in conjunction with sister company FHP Living, have completed the sale of a portfolio of 14 apartments at Bridgford Point on Radcliffe Road in West Bridgford.
David Hargreaves who handled the sale on behalf of a Sheffield-based private investment company that had owned the portfolio for 20 years said: “The fourteen 2 bed apartments which sit above a parade of shops in the heart of West Bridgford close to Trent Bridge Cricket Ground, were fully let but at rents below market level.
“The apartments are all larger than the norm and ranged in size from 750 sq ft to 920 sq ft with each apartment also benefitting from an on-site car parking space which again is quite unusual.”
The buyer – a local family property company, benefitted from a 10% discount to open market value to reflect the “bulk sale” and intend to redecorate and upgrade the spacious apartments as and when they become vacant for reletting and sale.
Top prices for 2 bed apartments in West Bridgford have been secured in The Waterside Apartments and at Trent Bridge Quays which have been sold by FHP Living achieving £250,000+, reflecting their location by the River Trent, and so this acquisition provides scope to add value to the properties through a proactive asset management plan.
FHP and FHP Living are due to bring a similar portfolio to the market but this time on the edge of the city centre as well as a £10m student portfolio.
