Three "extremely attractive" Teesside residential portfolios sold for over £7m

Avison Young acting on behalf of a private client has secured the sale of three residential property portfolios on Teesside.

The sale of the three off market residential portfolios involved homes in Middlesbrough and Stockton with a combined total of 317 bedrooms and an overall sales consideration, slightly in excess of £7m.

Jamie Sim of Avison Young’s Newcastle Investment team commented: “We are very pleased to have advised our private client on three large separate off-market residential portfolios in Middlesbrough and Stockton.

“The portfolios offer the respective purchasers a range of asset management opportunities going forwards and one of the portfolios provides extremely attractive annual indexed effective government income.”

The number of large-scale developments and generational levels of investment on Teesside is helping to draw a number of investors to the area.

Lambert Smith Hampton advised on the acquisition of one of the portfolios, comprising 147 beds. Emily Wood, Capital Markets, added: “I’m pleased to have secured this Teesside portfolio, off market, for our client who is continuing to grow their residential portfolio nationally.

“They are highly acquisitive at the moment with further funds to deploy. Great working with both Avison Young and their client to get the deal done.”

By Matthew Neville – Correspondent, Bdaily