Residential Land, the property vehicle of Bruce Ritchie, has continued its central London spending spree with the acquisition of a block of flats in Pimlico. It has acquired River Lodge at 128 Grosvenor Road and there is the prospect of more assets to come.
- River Lodge – London flats for rent in Pimlico
The company is believed to be running the rule over a £100m portfolio transaction, which would be its biggest purchase to date and double the value of its acquisitions this year.
River Lodge, however, is more typical of Residential Land’s recent purchases. Acquired from entrepreneur Robert Bourne, the block has seven flats overlooking the Thames totalling 7,038 sq ft (654 sq m).
The off-market transaction was conducted ‘principal to principal’ with Bourne, said Ritchie. ‘We were offered the opportunity to trawl through it,’ he said.
The purchase price reflects a 6.1% yield.
Grosvenor Road is the latest in a string of purchases that has made Residential Land one of the most active investors this year.
It is restructuring its overall portfolio to focus on central London where its holdings total more than 250,000 sq ft (23,226 sq m). In 2005, the company sold more than £100m of non-core assets.
River Lodge follows the acquisition of 14 freehold houses nearby in Balvaird Place and Lindsay Square, south-west London, from a Malaysia-based investor (residential + regeneration, 21.07.06).
Earlier this year, Ritchie was believed to have purchased 7-8 Bathurst Street, west London, strengthening the company’s holdings around Hyde Park. Until recently the company has kept a low profile and Ritchie declined to comment on the growing speculation that Residential Land is poised to secure a £100m purchase. But the company has made no secret that it has the firepower to buy portfolios of up to £300m.
It has also made a virtue of its ability to move quickly when buying and selling residential investments.
Ritchie added: ‘Over 20 years, we have developed longstanding relationships with more than 1,200 prime central London estate agents and surveyors who have come to know us as the fastest movers in the central London property market.
‘If it is worth buying, why wait till tomorrow?’
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For flats to rent in London visit https://www.residentialland.com
