PRS, or to give it its full name, the Private Rented Sector, is seen as one of the biggest developments in the UK property industry in recent years.
PRS as far as we're concerned encompasses any professional landlord; rivate, corporate or institutional, with large scale unbroken blocks let to private or corporate residential tenants. PRS landlords have been long established across continental Europe and North America, but the sector has only really taken off in the UK since the last recession.
At Acorn, we've been managing private rented properties on behalf of a variety of landlords for more than 30 years. When large scale PRS began to accelerate, we were perfectly placed with a team of expert staff, long track record and bespoke management system to be able to provide the high level of service that professional landlords expect. In fact, Acorn is now one of the largest third party management companies in the UK, with almost 5,000 residential units under our control.
County House serves as the perfect example of how the Acorn Group's all-encompassing service and forwardthinking approach never fails to add value.
Aware that a private family trust had acquired County House and intended to convert the former office block to apartments under Permitted Development Rights, our investment team introduced PRS colleagues to provide valuation, marketing and management advice. We were ultimately appointed to undertake some selective marketing of the finished building. Our efforts resulted in a number of attractive offers, and a sale was agreed to Hyde Housing Association.
The deal encompasses the entire freehold interest to include 76 newly converted residential apartments, 69 parking spaces, telephone mast income and a conditional letting of the basement to a national gym operator. The sale was successfully completed in December 2016 at £22,500,000. The Acorn Group represented the sellers in the matter, introduced the gym operator and will be retained by Hyde to let and manage the 76 apartments.
Needless to say, we'd be delighted to hear from other major landlords regardless of whether they require sales, acquisition or management advice.
PROJECT ADDRESS: County House, Beckenham Road, Beckenham, Kent BR3 4UF
SALE PRICE: £22,500,000
PARTIES INVOLVED: Hyde Housing Association & Energie Group (fit4less)
