L1 Capital has acquired The Farthings residential development in Nottingham.
The 64-apartment scheme, which is located adjacent to the University of Nottingham’s Jubilee Campus and Queen’s Medical Centre, was purchased for an undisclosed figure close to the asking price of £6,500,000.
The 2003-built asset comprises two low-rise blocks and is let to Places for People until 2037. The property offers significant reversionary potential with an estimated ERV of £650,000 per annum on an AST basis.
David Lamm, chief executive of L1 Property, said: “This acquisition continues to deliver on our strategy of acquiring and operating high quality, low complexity PRS assets.”
L1 Capital was advised by Allsop and Asserson. The seller was advised by FHP Property Consultants, Waypoint and Osborne Clarke.
