The variety of different properties available within London may bowl over those who are looking to purchase. It is important to establish a succinct priority list in order to narrow the search, and to find the property which will align with a clients’ needs.
A client referred by a Private Bank required Garrington’s assistance to source investment properties that would let easily and also accrue capital growth over time.
As the client did not reside in London the properties purchased needed to be low maintenance.
The client specifically asked Garrington to source properties to build a new portfolio in London. The client’s priorities were capital growth prospects and ease of rental.
The location was very important, although the client was not set on a particular area of London they recognised that infrastructure and transport connections, both existing and planned, would play a large part in influencing the long term capital appreciation.
To easily attract a professional tenant the transport connections and local amenities would be important as well as the appeal of the property itself.
Garrington arranged an accompanied tour which spanned two days in order to visit the areas of consideration and take a look at several properties in each location. A total of 26 properties were shortlisted to view. Each of these properties had been previewed by Garrington prior to accompanying the client to view. Garrington had also reported to the client with full details of each property, the expected yield, service charges and all other relevant information so that they could make an informed purchasing decision.
Following this tour the client decided that they would like to purchase a property in the Royal Arsenal Riverside, Woolwich.
Substantial investment is being made in the development of Cannon Square, including onsite restaurants, retail units, hotel, bars and Crossrail Station and Tesco superstore; thus the area has great potential for investors. The impact of these features underlined the logic of the recommendations, and the client therefore, instructed Garrington to make an offer on their behalf for one of the flats in Cannon Square development site.
Garrington undertook thorough due diligence to assess the property’s value given prevailing market conditions. In a changing market and with off plan developments and reassignments such as this comparable evidence included; on market properties, recently ‘under offer’ properties, and most importantly the other reassignments in the building and area.
Garrington were formally instructed to submit an opening bid, highlighting the client’s strong chain free buying position. Unfortunately, the first offer was rejected. After consideration and consultant with Garrington, the client instructed Garrington to make the final offer and secured the property at 4% less than initial asking price including a parking space – the vendor accepted the offer.
Garrington successfully concluded this complex search requirement and found a suitable property for the client to acquire within their specified budget and described timescales.
Garrington were able to secure a property which, once adapted, perfectly fitted a client’s brief and also achieved a 4% saving with a free car parking space included which was being sold separately.
Having made a successful acquisition Garrington’s Asset Management division have overseen finding a suitable tenant and ensure the property has become a valuable and high performing investment for the client.