Local family sells 17-home property portfolio
- Credit: Supplied
A portfolio of 17 St Albans, Harpenden and London Colney properties has changed hands after being within the same family for two generations.
Originally owned by a local couple, the investment passed to their three children who opted to sell it as one portfolio.
Chris Johnson, owner/director of Clarence Property Group (CPG), made the purchase after contacting the siblings via Daniels Estate Agents, who have managed the portfolio for 30 years.
"They were looking to wind down," Chris said. "We approached them back in February, which coincided with them deciding to sell."
The portfolio — which sold for an undisclosed amount — consists of 10 houses and seven flats in St Albans city centre, Fleetville, Harpenden and London Colney.
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Chris said: "Three of the houses are occupied by sitting tenants, the rest are let on assured shorthold tenancies (ASTs).
"The flats are all in an unbroken block in Grosvenor Road, with a large garden that extends down to London Road; this may have some further development potential, which we will explore.
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"The flats are all let, again mostly on ASTs, but one flat is also occupied by a sitting tenant.
"The sitting tenants and all the flats will all be retained for long term investment, whilst some of the houses may be sold in the short to medium term, as and when they become vacant."
This is CPG’s second portfolio acquisition of the year, the first being five freehold buildings arranged as 10 flats in West Norwood, London.
The St Albans-based firm also buy commercial property, individual residential investments and development opportunities.
For further information, contact Chris Cooke at Daniels on 01727 836561.