Overview
A freehold block of 45 studio apartments in North Manchester, formerly operated as a care home and now let in full on a 10-year full-repairing-and-insuring (FRI) lease. The lease produces £650,000 per annum on a social-housing basis, with the tenant responsible for repairs, insurance and voids — so the asset runs completely hands-off.
Investment highlights
- Freehold block of 45 self-contained studio apartments
- 10-year FRI lease on a social-housing / supported-living basis
- £650,000 p.a. contracted income — approximately 9.49% net
- Tenant covers repairs, insurance and voids
- Long, contracted cashflow with no operational exposure
- North Manchester regeneration area