Topland Group, lead by Sol Zakay has increased its direct exposure to the residential market with the acquisition of a block of 24 flats in Putney, SW15, for around £11 million (approx. €13 million).
This acquisition bought in an off-market deal from a client of Chesterton Humberts, is Topland’s first foray into the private rented sector which has become an increasingly attractive play for innovative investors and developers.
Brittany House is located on the corner of Upper Richmond Road and Balmuir Garden overlooking Putney Lawn Tennis Club. It is a freehold site of 0.36 acres and in total consists of 24 flats. It is made up of 20 two bedroom flats, two three bedroom flats and four two bedroom penthouses commanding stunning views. There are 21 flats on Assured Shorthold Tenancies and three on long leaseholds. They generate a current rental income of around £450,000 (approx. €537,415) per year.
Topland recently provided a £36m senior debt bridging piece to LJ Group to enable planning to be sought for five-acre site on the ultra-exclusive Bishops Avenue, N2 once known as Millionaire’s Row but now more realistically could be called Billionaire’s Row because of its current residents.
Source: Topland Group