Grainger snaps up 61 homes in Kensington & Chelsea for £160m
RESIDENTIAL landlord Grainger has bought a portfolio of homes in London’s golden postcodes of Kensington and Chelsea for £160m which it plans to refurbish.
The company said yesterday it has purchased 61 freehold houses from Property Investments Limited located across nine streets in Knightsbridge and Chelsea.
Of the 61 properties, 45 are regulated tenancies and 13 are subject to Assured Shorthold Tenancies. The remaining three are vacant.
The group said the homes were “unmodernised” and provided an opportunity to revamp and sell at a profit in the longer term when the homes become vacant.
Chief executive Andrew Cunningham, said: “This is a rare and exciting opportunity. It is a very attractive portfolio in one of the most prestigious locations in London and it includes a high concentration of regulated tenancies, a sector in which Grainger has had a long and successful history of investing.”
The portfolio currently generates a gross rent of £1.92m per annum.