- A rare opportunity to acquire a West London social housing portfolio.
- Portfolio of 192 residential assets situated within the London Borough of Ealing, the third largest borough in London.
- The London Borough of Ealing is an affluent and desirable area of West London and is set to benefit from major infrastructure improvements including Crossrail ad the Heathrow Airport Expansion.
- All of the properties are either one, two or three bedroom apartments within purpose built blocks in established residential locations.
- The portfolio is held Long Leasehold with an average unexpired term in excess of 164 years.
- Let on individual leases to registered social housing provider, Plexus UK (First Project) Limited, and guaranteed by Mears Group Plc for a unexpired term in excess of 15 years with a single co-terminus expiry date of July 2036.
- Underlying nomination agreement with Ealing Council for a remaining 55 years.
- Annual upwards only rent reviews in line with Local Housing Allowance.
- Highly secure investment, underpinned by substantial discount to vacant possession value.
We are instructed to seek offers in excess of £37,400,000 (Thirty Seven Million Four Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 4.25%, allowing for purchasers costs of 4.80% assuming multiple dwellings relief is applicable.