A 71 bedroom apartment development in Redhill, Surrey, has come on to the market after the company behind Furness House was placed into administration.
Watling Real Estate and Csquared have been instructed by joint administrators Georgina Eason and James Snowdon of MHA and are inviting offers for the freehold investment interest.
The building, which was owned by Furness House Developments Ltd, totals 26,636 sq ft and was previously an office building.
Of the 71 apartments arranged over five floors, 19 have been sold on long leases and the building currently produces a passing rent of £540,000 per annum. There are 47 one bedroom apartments and 5 two bedroom apartments available as part of the freehold interest.
Furness House has 76 parking spaces.
Jamie Lamond, a director at Watling Real Estate, said: “Furness House is a completed development that has been finished to a high specification and is income producing with the likelihood of future rental growth.
“As such we expect to receive strong interest from a range of local and regional investors.”
Furness House was originally constructed as self-contained offices in the 1980s on a 0.83 acre site.
It is located in Redhill, a popular commuter hub on the outskirts of M25 between London and Brighton. It is situated only three miles south of Junction 8 of the M25, with excellent links to London and the South East.
It provides a fast commute to London with train services into London Bridge and Victoria in approximately 30 minutes.
Locally, Furness House is just 14 minutes by car from Gatwick Airport and The Belfry Shopping Centre is only a six minute walk away.
Interested parties can contact:
Jamie Lamond – jamie.lamond@watling.com
Tom Colyer – tom.colyer@watling.com
Allan Lloyd – allan.lloyd@csquaredre.co.uk