This was a particularly tricky development, featuring a block of flats on top of a shopping centre. The shopping centre is owned by an institutional investor who also has responsibility for the external maintenance and repairs of the apartments.
Our investment only allows for internal maintenance and repairs so an unusual splitting of the management which put many off.
Additionally, there are elements of specialist housing which many would deem non-standard. As we have a long property background, we were able to get comfortable with all the anomalies in the structure and the asset has performed well since acquisition.
“We will consider any type of residential ground rent and work with our clients to structure the transaction that works best for them.”