Developer Urban Splash’s home-buying fund has acquired 112 studio apartments in Leeds as part of a £15m spending spree.
The deal is part of the Urban Splash Residential Fund’s purchase of 129 homes across Leeds and Manchester, bringing the fund’s portfolio to 437 homes and adding £1.3m of income to the rent roll. It includes the collection of one and two-bedroom apartments at East Street Mills – the Grade II Listed former textile mill close to the Calls and Royal Armouries.
The move comes just weeks after Urban Splash’s fund secured a £20m revolving credit facility with Barclays which increased total capital to about £160m. Other recent acquisitions include the ‘upside-down’ terraced properties at Chimney Pot Park in Salford and apartments at 3Towers in Manchester; both schemes originally developed by Urban Splash.
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Fund manager Akeel Malik explained: “2023 has been a significant year of growth for us; we are moving forward with acquisitions and offering more people the chance to live in brilliantly designed homes in cities across the country. We are focusing on off-market higher yielding acquisitions in the current macroeconomic environment, whilst preserving rent-to-income levels of less than 30% for our residents (currently 22%).”
He added: “Our comprehensive offering now reaches prospective tenants across the country, with homes in Manchester, Altrincham, Birmingham, Sheffield, Bristol, Cambridge, Bradford and now Leeds. Our portfolio of differentiated homes is well positioned for modern living with flexible, spacious interiors, access to outdoor spaces and strong connectivity.
“We remain committed to offering residents well-designed mid-market homes, at rental levels that preserve an average rent-to-income ratio of <30%.”
Gorvins acted on behalf of the Fund, with Pinsent Masons acting on behalf of the vendors.
Original artice – https://business-live.co.uk/all-about/yorkshire-humber
