UK: LRC Group has bought Bradstowe House, a 177-unit BTR asset in Harrow, north-west London for in excess of the £58 million guide price.
Savills sold the asset, on behalf of Interpath Advisory. Knight Frank advised LRC Group. Tim Bateson and Ryan Grant from Interpath were appointed joint administrators to Hincroft Limited on 17 October 2023. Hincroft owned and operated Bradstowe House.
The nine-storey development has a total residential gross internal area of 133,608 square feet. It includes 177 BTR apartments in a mix of one- and two-bedroom apartments and penthouses.
Bradstowe House benefits from stabilised occupancy and a longstanding tenant base, with an average occupancy of 2.9 years. More than 25 per cent of residents have been in situ for over four years. The scheme is managed by Greystar.
Located in London’s Zone 5, Bradstowe House is under a five-minute walk from Harrow-on-the-Hill station, near Harrow town centre.
Andrew Wood, director at Savills Operational Capital Markets, said: “We are delighted to have transacted another stabilised London multifamily 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, said: “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.”
Tim Bateson, director at Interpath, and joint administrator, added: “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 advisors, DLA Piper and Savills, for their support in reaching this successful outcome.”
