Prime residential investor PCL Property Group is looking to raise £100m to buy “rare and unique assets” in central London.
The firm said it was targeting properties in need of refurbishment in London’s most prime areas, including Knightsbridge, Belgravia, Mayfair, Kensington and Chelsea. It will then reconfigure and renovate the properties before selling them on.
PCL founder and chief executive Tristan Parker said: “90% of buyers above £10m don’t want to even put a paint brush on the wall, so there will always be strong demand for the high-end, turn-key properties that we specialise in.”
He added: “Now is the perfect time to acquire quality assets in the heart of central London – the market has been stagnant for nearly five years, driven by a combination of stamp duty rises, Brexit and a general election. This has caused a long period of uncertainty which resulted in less transactions and an increase to asking price discounts. In addition, many developers simply stopped business, which in turn led to a severe lack of truly turn-key stock, specifically at the top end of the market.”
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