Spring acquisition update — 2024

We are pleased to share an update on a small but characterful acquisition completed earlier this spring — a property that sits comfortably alongside our existing residential holdings and reflects the more disciplined market we wrote about last summer.

The opportunity came to us through a long-standing relationship and was not openly marketed. After several months of careful evaluation — including a detailed appraisal of the building, a review of comparable transactions and conversations with the local planning authority — we agreed terms at a level that we believe leaves meaningful headroom for both income and development upside.

The property itself is well located, structurally sound, and in need of considered refurbishment rather than wholesale redevelopment. Our intention is to bring it back into use as quality residential accommodation, with a modest extension to the rear subject to consent. As with all of our projects, we are working with our advisors to ensure the scheme respects the character of the surrounding area and delivers a genuine improvement to the local streetscape.

From a portfolio perspective, this acquisition adds further diversification — both geographically and by tenant profile — and continues our preference for properties where the underwriting works on the existing income alone, with development upside as the reward for getting the work done well.

If you are working on a similar opportunity, or would like to understand how we approach off-market acquisitions, please do get in touch.