Property specialist Barberry Group has pledged to continue its strategy of investing in the UK residential Private Rented Sector after completing more than £15 million of transactions in the past year.
In 2018, Barberry sold 58 apartments, with a combined value of around £9 million, at residential blocks across the country at locations including Cheltenham, Lancaster, Warwick, Nottingham, Leamington Spa, and Cannock.
The Midlands-based company recently acquired a development of 12 apartments from a private investor at Newton Leys, Milton Keynes, in a £2 million deal. Earlier in 2018, the company completed a £4.2 million deal when it acquired a block of 26 apartments at Century House, Shirley.
The ambitious company is exploring opportunities to expand its residential portfolio even further, according to director Alex Watson. Barberry is keen to make more acquisitions in the residential market, with a focus on apartment blocks.
“We have been focusing strongly on the buoyant residential market because it offers attractive yields and there is excellent potential for growth,” he said.
“Our strategy of buying apartment blocks that require modernisaton is working extremely well. We are delivering high quality apartments in excellent locations, and they are proving to be very popular with a range of buyers, from seasoned investors to first time buyers.
“In Lancaster, we acquired 24 apartments from the local NHS trust. We upgraded the apartments significantly, and inside 12 months we have sold all but one.”
Barberry, based in Belbroughton, Worcestershire, is looking for completed or off plan residential blocks being sold by landlords, developers or receivers. The company will consider investment opportunities of up to £20 million in broken or unbroken developments. Introductory fees for non-retained agents are available.
Alex added: “We are still very active in the commercial property sectors we are traditionally known for, but moving into the residential market has added important diversification to our growing portfolio.”