Property entrepreneur Raymond Mould’s new company has made its first purchase with a residential private rented sector deal.
Mould’s and Gerard Griffin’s Newtree Capital has formed a circa £40m joint venture with Galliard Homes to develop 114-homes at Grove Place in Eltham, SE9.
Under the £40m deal, Newtree has committed to buying 59 of the flats on completion of the project in mid 2016. It plans to lease the flats.
The company will be looking at other UK PRS opportunities, it is understood.
Mould’s stellar career includes establishing London & Stamford Property in 2007 (which merged with Metric Property Investments last year). The latest transaction is his first major play since stepping down from LSP/Metric in January 2013.
Mould, co-founder of Newtree Capital, said: “The transaction demonstrates that good opportunities continue to exist in the private rented sector, notably outside the prime core areas of central London.”
Oxenwood Real Estate, Gerard Nock and Savills represented Newtree.
joanna.bourke@estatesgazette.com
