London & Stamford Property Plc has announced that it has exchanged contracts with Kilmorie Investments LLP to acquire the long leasehold interest in 74 private residential units and 30 car parking spaces at The Apartments, 131-143 Clapham Road, Oval, London, SW9 for £24.4 million (approx. 27.5 million).
London & Stamford has paid a deposit of £2.4 million for vacant possession of the recently developed apartments with completion expected in mid-September. The acquisition will be financed initially out of existing cash resources.
The long leasehold is for a period of 999 years and the 74 units have a total net saleable area of approximately 48,500 ft² (approx. 4,500 m²). The residential units comprise a mix of studio, 1 bedroom and 2 bedroom apartments. The scheme is located on the southern side of Clapham Road, approximately 500 m from both the Oval and Stockwell underground stations, giving rapid access to both the City and the West End.
Clapham Road was developed by Galliard Homes Limited.
Raymond Mould, Chairman of London & Stamford Property, said: "We are very pleased to have added a further good quality asset to our growing residential portfolio so soon after our purchase of Seward Street in Islington. The fundamentals of the Central London residential market remain strong and London & Stamford continues to look for opportunities in the space."
Source: London & Stamford Property Plc