PRS Track Record

Tim Holden and Charlie Miller were responsible for acquiring, developing and managing London & Stamford’s £350 million London PRS portfolio, which included schemes at Arsenal’s former North Stand at Highbury Stadium, the Oval Printworks in Lambeth, Seward Street in Islington and Bridges Wharf in Battersea. Aviva Investors is a current client with whom they are working on a number of projects.

 

Oval Print Works, Lambeth

Location

Clapham Road Lambeth

Project

The Oval Print Works

Units

74

Date acquired

August 2011

Price

£24,000,000

 

Situated within 5 minutes walk of both Stockwell and Oval tube stations, giving access to central London within 10 minutes.

The scheme benefited from an on-site Tesco Metro and immediate access to all the normal facilities within a short walk of the site.

The Management Team approached Galliard Homes in the summer of 2011 and subsequently managed to acquire 74 units of a 184 unit scheme in August 2011.

The units were completed and working with the local agents and Galliard, the management team fully let the properties within three months of completion. Between them they put the accounting and management systems in place, organised the appropriate tenancy agreements, management packages, billing of energy and dealt with maintenance issues. The units were sold on an individual basis achieving an exit yield of circa 4.2% based on rental levels at exit.


Highbury Stadium, Islington

Location

Highbury Stadium, Islington

Project

Former Stadium/North Stand

Units

146

Date acquired

September 2009

Price

£45,000,000

 

The management team was appointed by London and Stamford PLC to acquire the former North Stand comprising 146 flats on the recently completed Highbury Stadium.

The building formed part of the 800 unit scheme on the former home of the Arsenal Football Club, which had been recently completed by McAlpine. The management team implemented the rental and management systems for the agents and the project was successfully let within three months and maintained a 98% occupancy at a 6.2% NIY.

The management team set up the accounting interface between the agents and London and Stamford PLC, were responsible for appointing management staff and advised the accounts team on accounting for rent collection and management accounts. They instructed the letting agents, organised furniture packs, solicitors, authorised all payments, reviewed the rental income and applied increases, signed off tenancies, monitored the rent collection. Advised on the sale of units which led to the exit at a yield of circa 4.28% based on rental levels at exit. 


Bradstow House, Harrow

Location

Harrow, London

Project

Bradstow House

Units

177

Date acquired

December 2015

Price

circa £80,000,000

 

CapRes recently acted on behalf of an investor in relation to the acquisition of 177 apartments at the 7 storey building, Bradstow House.

The scheme is located in the centre of Harrow, at the bottom of Harrow on the Hill and close to the tube station which is 18 minutes from Baker Street. The scheme is located adjacent to the shopping centre and is targeted at young professionals working in London looking for good quality, well managed rental accommodation on the outskirts of central London.

The project was constructed as a Build to Rent project valued at circa £80 million. The project comprises of 1 and 2 bed apartments and is built to high standard by the Comer Homes. It has an impressive foyer and the project was designed to include panoramic views across Harrow and West London.

 

Bridges Wharf, Battersea

Location

Battersea

Project

Bridges Wharf

Units

60

Date acquired

May 2010

Price

£31,000,000

 

The management team acquired 60 apartments at a cost of £31 million from Weston Homes on behalf of an investor. The apartments were located within an award-wining development situated on the banks of the River Thames. The apartments adjoined a 5 star hotel, with associated leisure facilities, cafes and bars and also the Battersea Heliport. The property was purchased off market at a discount from the open market price.

CapRes had an existing relationship with Weston Homes and good understanding of the local market and responded to the opportunity by closing the deal within four weeks of making an offer.

Charlie negotiated the price and upon securing the scheme, Tim took forward the due diligence, managed the conveyance and prepared the project for property management. Full occupancy was achieved within three months of completion and rents were increased by 5% per annum with limited occupancy leakage. Stabilised income provided was 5%+ NIY. Costs were maintained with a 25% tolerance of gross rents. The project was sold in 2014 and the exit yield was circa 4.4%.

 

Seward Street, Islington

Location

Clerkenwell, Islington

Project

Seward Street

Units

107

Date acquired

June 2011

Price

£46,000,000

 

Seward Street is a build to let investment which was acquired by the management team on behalf of an investor through a direct approach to Notting Hill Housing Trust who were the majority shareholders in a JV with Mount Anvil. Seward Street is located between Farringdon, Old Street and the Barbican. 

The opportunity was attractive due to the location and as it lent itself to an investment proposition, the management team negotiated the price and finalised the specification with the developer. The scheme exchanged within eight weeks of the initial offer.

The specification was altered to take account for the management team’s requirements in order to deliver their client a high quality Build to Rent product. This included more robust flooring, attractive kitchens, and attractive fixture and fittings along with additional storage areas for residents and redesigned entrance lobby.

The management team procured, project managed and organised contractual relationships and monitored the progress on behalf of the investor. They established a management platform and pre-let all of the units before practical completion.