Watling Real Estate has sold a prime residential investment opportunity in Redhill, Surrey, for £7.25 million.
Resi Portfolio Ltd has bought Furness House, a former self-contained office building, which was converted in 2020 into 71 apartments.
Watling Real Estate and Csquared were instructed by joint administrators Georgina Eason and James Snowdon of MHA to invite offers for the freehold investment interest.
The building, which was previously owned by Furness House Developments Ltd, totals 26,636 sq ft.
Of the 71 apartments arranged over five floors, 19 had been sold on long leases and the building currently produces a passing rent of £540,000 per annum.
There were 47 one bedroom apartments and 5 two bedroom apartments available as part of the freehold interest and Furness House, as a whole, has 76 parking spaces.
Jamie Lamond, a director at Watling Real Estate, said: “Furness House is a completed development that had been finished to a high specification and is income producing with the likelihood of future rental growth. As such we expected to receive strong interest from a range of local and regional investors.
“On receipt of best and final offers from interested parties, we were pleased to achieve an outstanding result and Watling would like to thank the team at MHA for the instruction and Allan Lloyd at Csquared for working alongside us to secure the sale.
Law firm Walker Morris acted for the administrators, with Resi Portfolio Ltd advised by Bude Nathan Iwanier.
Watling Real Estate has sold in excess of 400 residential units either in blocks or individually over the course of the last ten months and has more in the pipeline.