Project Seville

Project Seville: Rettie Sells 76-Unit Residential Investment Portfolio

Rettie’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 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.

Mark Bonner of PfP Capital (Asset Manager for Picture Living Investments) had this to say:

“We were delighted with the market response to this sale and that the properties will be staying in the PRS sector in Scotland. Completing the sale will allow us to continue our strategy of investing in single family rental housing across the UK.”

Callum Beattie (Associate at Rettie) had this comment on the sale:

“A sale at this rate and the yield achieved represents real resilience and confidence in the Scottish PRS. It is our hope that a transaction of this importance despite the recent political & economic instability highlights just how strong the Scottish Market is and its potential to investors both locally and nationally.”

Rettie, Eversheds and Touchstone represented the vendors. The purchaser was represented by Tay Lettings and Harper McLeod. Rettie are marketing a number of mixed-use development opportunities which can be found here: Rettie Development Opportunities