Giant property company Grainger has acquired a residential private lettings portfolio for £10.4m.
The 112 rental units are in five sites in Newcastle, Whitley Bay and Leeds, with an estimated rental value of £694,000 per annum.
Grainger has now acquired over 1,000 private rented units with a market value of £94m since this time a year ago.
Comments (2)
Yes, this is just the start of institutional investors moving into the PRS and hoovering up properties from landlords who are now forced to exit due to tax changes.
Just what the government wanted!
The company has the cash and is already picking up bargains created by the summer budget tax grab. Big corporates will dictate the market soon – and then watch prices rise!
Jason McClean
http://www.thepropertytinsurer.co.uk