NEWS ARCHIVE

TARGETFOLLOW TO SELL £14 MILLION RESIDENTIAL PORTFOLIO | 14/09/04

Targetfollow, the leading commercial property group focusing on town centre investments and developments has appointed CWHB's residential associate RH International to market a portfolio of almost two hundred residential units valued in excess of £14 million.

The portfolio, which was originally acquired as part of a larger, primarily commercial portfolio three years ago, comprises six blocks of flats in Biggin Hill, Wrexham, Liverpool, Accrington and Doncaster, together with individual properties in Manchester and Norwich. It produces a total annual rent of over £700,000, with an ERV of £850,000.

Ian Fox of Targetfollow said: “These properties have consistently let well and offer significant development opportunities. We wish to take advantage of the current strength of the market to attract the interest of experienced residential investors who can take advantage of the portfolio’s potential. We would like to sell to a single buyer although we will obviously consider separate offers.”

Andrew Williams of RH International said: “This portfolio gives an investor an unusual opportunity to acquire a diverse portfolio of well yielding properties which also provide for redevelopment and refurbishment over time. The properties are all located in good growth areas outside of London."

Founded in Norwich by former civil engineer Ardeshir Naghshineh in 1992, Targetfollow is the leading private property company in East Anglia and has grown to control gross corporate assets of £400 million, with a development programme in train of over £1 billion. Targetfollow now has a portfolio of over 60 investments predominantly let to blue chip covenants.

For further information, please contact:

Ian Fox
Targetfollow
Tel: 01603 767616

Andrew Williams
RH International
Tel: 020 7491 9791

David Foxman
Tavistock Communications
Tel: 020 7920 3150