Project Seville: Rettie & Co. Sells 76-Unit Residential Investment Portfolio
Rettie & Co.’s Investment Team headed by Sandy Gilmour are delighted to announce the sale of a 76-unit residential portfolio providing a stabilised income stream. Rettie & Co. acted on behalf of Picture Living Investments.
The portfolio covered 3 sites across the Central Belt including, Edinburgh, Falkirk & Hamilton. The sale was concluded following a successful closing date in September with multiple bids attracted. The portfolio was sold to a local buyer and was concluded at £7.25m, representing a Gross Yield of 6.24%.
In a year that has seen serious disruption to inward investment in the Scottish residential property market sector due in part to Emergency Government Intervention with the “Rent Freeze” and adverse changes within the debt markets, this sale exemplifies the durability of residential investment in Scotland. The new owner’s intention is to hold the units as a long term investment which will see the stock remain available for tenants in the long term.
PRS investments of this size are important within the residential market to maintain stock levels and choice for tenants in well located areas close to public transport.