FHP, together with sister company FHP Living, has completed the sale of a portfolio of 14 apartments at Bridgford Point on Radcliffe Road in West Bridgford.
David Hargreaves, who managed the sale on behalf of a Sheffield-based private investment firm which had owned the portfolio for 20 years, said: ‘The fourteen 2-bedroom apartments which sit above a parade of shops in the heart of West Bridgford, near Trent Bridge Cricket Ground, were fully let but at below market rents.
“The apartments are all larger than standard and vary in size from 750 sqft to 920 sqft, with each apartment also benefiting from an on-site parking space, which again is quite unusual.”
The buyer – a local family real estate company, has been given a 10% discount to the open market value to reflect the ‘bulk sale’ and intends to redecorate and upgrade the spacious apartments as it goes that they become vacant for re-letting and sale.
The highest prices for 2-bedroom apartments in West Bridgford were secured in The Waterside Apartments and at Trent Bridge Quays which were sold by FHP Living for £250,000+, reflecting their location by the River Trent , and therefore this acquisition offers the opportunity to add value to the properties through a proactive asset management plan.
FHP and FHP Living are set to release a similar portfolio, but this time on the outskirts of the city centre, as well as a £10m student portfolio.