LRC has purchased a 177-unit build-to-rent (BTR) asset in Harrow from the joint administrators of Hincroft for more than £58m.
Bradstowe House is a nine-storey building offering 133,608 sq ft, complemented by extensive resident amenities. The property benefits from stabilised occupancy and a longstanding tenant base, with an average occupancy of 2.9 years.
Tim Bateson and Ryan Grant from Interpath were appointed joint administrators to Hincroft on 17 October 2023 and over the past 12 months, they have worked with managing agent Greystar to manage the day-to-day operations of the property.
Bateson said: “We are pleased to have secured this transaction which represents a positive outcome for the company’s secured creditors. This deal is the culmination of a significant amount of work over the past 12 months to prepare the asset for sale, alongside the diligent management of day-to-day operations, minimising disruption to tenants. We’d like to thank the team at Greystar, as well as our appointed advisers, DLA Piper and Savills, for their support in reaching this successful outcome.”
Andrew Wood, director in the operational capital markets team at Savills, which advised Interpath Advisory on the sale, said: “We are delighted to have transacted another stabilised London multi-family asset, under highly competitive circumstances and achieving a premium to the guide price. This demonstrates the continued strength of investor appetite for good quality residential assets, with the purchaser seeking to complement their existing portfolio. We are pleased to have brokered this transaction with the Knight Frank team, demonstrating the benefits and effectiveness of purchaser representation.”
Lloyd Wraith, partner at Knight Frank, which represented LRC, added: “Bradstowe House represents an exceptional value-add investment opportunity that we are pleased to have successfully identified and acquired on behalf of LRC. Our data-driven approach combined with LRC’s flawless execution capabilities enabled us to outperform global competition.
“We are thrilled to close another successful transaction with Mital Patel at LRC and Andrew Wood at Savills. Mital and Andrew were pivotal in ensuring a seamless and positive outcome, especially amidst the challenging macroeconomic conditions, including two elections and a national budget.”
