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Braidwater Residences Portfolio

£4,200,000

For Sale

Derry~Londonderry

WhatsApp Facebook Twitter Pinterest Linkedin Email

For Sale

Braidwater Residences Portfolio

Derry~Londonderry

£4,200,000

Description

FOR SALE – FULLY LET RESIDENTIAL INVESTMENT PORTFOLIO WITH DEVELOPMENT SITE (AVAILABLE IN ONE OR TWO LOTS)

Investment Summary

Derry~Londonderry is the second largest city in Northern Ireland and the fourth largest in Ireland, with a residential population of 107,877 and a cross border catchment of 400,000 (Derry City Council).
The portfolio consists of 31 fully let residential units across 3 locations and a development site with full planning permission for 10 apartments.
The portfolio currently produces a gross income of £263,760 per annum. After taking into consideration rates payable and operational costs there is a net income of £212,134 per annum.
There is scope to grow this income going forwards as there are currently a number of tenancy agreements being renegotiated at higher monthly rents.
Braidwater Group operate a professionally managed criteria whereby tenants have to provide credit checks, employment references and previous landlord references. Tenants are required to pay one months deposit and / or a guarantor.
Braidwater Group are a NHBC registered company meaning that each house comes with a 10 year warranty from the date of practical completion.
We are instructed to seek offers for portfolio 1 in excess of £4,200,000 (Four million two hundred thousand pounds), exclusive of VAT.
A purchase at this level would reflect a net initial yield of 5.00% assuming that any purchaser will benefit from the multiple dwellings relief with regards to stamp duty.
Offers in respect of portfolio 1 can also be made on a per location basis with further details available on request.
We are instructed to seek offers for portfolio 2 in excess of £500,000 (five hundred thousand pounds), exclusive of VAT.

Description

Portfolio 1

Moncrief Court, Eglinton

Moncrief Court was developed in 2019 and comprises of 19 fully let professionally managed apartments and detached dwellings which currently produce a gross income of £162,240 per annum. All lease terms are for a minimum of 12 months with many of the tenants being in occupation since the scheme was developed.

Mayfair Apartments, Belt Road

The Mayfair Apartments at Birch Hill were developed in 2020 and comprise of a single block of 4 fully let professionally managed apartments and 6 car parking spaces. The apartments currently produce a gross income £33,300 per annum. The current leases are for a minimum term of 12 months.

Primrose Apartments, Drumahoe

The Primrose Apartments at Beech Hill View were developed in 2023 and comprise of a single block of 8 fully let professionally managed apartments and 16 car parking spaces. The apartments currently produce a gross income £68,220 per annum. The current leases are for a minimum term of 12 months.

Portfolio 2

Development Site – 6 Limavady Road, Derry~Londonderry

Planning permission was granted in February 2023 for the development of 10 apartments within a single block and associated landscaping and parking (Planning Reference: LA11/2020/0651/F).