£40m sought for Berkeley-developed BTL portfolio

A five-building portfolio of income-producing flats spread across Greater London has been put up for sale through Savills. The agent is seeking £40m for the portfolio. The five assets – Beaufort Park in Colindale, NW9, Kew Bridge West in Kew, Stanmore Place in Stanmore, Marine Wharf in Surrey Quays, SE16, and Saffron Square in Croydon – were all developed by Berkeley Group and comprise a total of 125 rented flats on 999-year leases. The portfolio provides an annual rent of almost £2.6m and is 100% occupied. Savills said the income was highly reversionary, with a potential estimated rent of £3.1m, reflecting a 20% reversion on the current income. Average tenure across the portfolio is around 3.3%, with one-quarter of tenants having been resident for more than five years.