Oakland Care Home — Kenyon Lane, Moston, Manchester, M40

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

Location & demand

Moston sits in the M40 postcode area of North Manchester, between Rochdale Road and Oldham Road. Newton Heath & Moston Metrolink stop is nearby on the Rochdale line, and the district sits within Manchester’s northern regeneration area, where sustained public and private investment is lifting demand for housing across every tenure.

North Manchester’s need for self-contained supported accommodation is strong and structural. Registered providers and supported-living operators compete for blocks of studio units close to transport and services, and 45 self-contained studios under a single freehold is a rare unit count in this market. The 10-year FRI lease on a social-housing basis puts repairs, insurance and voids with the tenant, so the contracted £650,000 a year arrives without operational drag.

The numbers

Asking price	£6,850,000
Gross rent	£650,000 per annum, contracted
Net yield	Approximately 9.49%
Tenure	Freehold
Units	45 self-contained studio apartments
Lease	10-year FRI, social-housing / supported-living basis