Administrators at Interpath have appointed Savills to find a buyer for an operational build-to-rent scheme in Harrow, north-west London, seeking offers exceeding £58.2m.
The 177-home scheme, called Bradstowe House, was developed in 2015. The property consists of nine storeys and is operated by Greystar.
The parent company behind the vehicle consists of three Gibraltar-based discretionary trusts called The Midway Trust, The Pyramid Trust, and The Triangle Trust, according to a report filed by the administrators.
Creditor Nord Group appointed insolvency practitioners Timothy Bateson and Ryan Grant to the vehicle, Hincroft Ltd, last October.
Nord is also acting as security trustee for fellow creditor PGIM Real Estate. PGIM is owed £101.7m, while Nord is owed £24.6m.
The site generates roughly £4m pa in residential passing rent, reflecting an estimated rental pricing of nearly £4.5m pa with an 11.2% reversion relative to residential passing rent.
It has an average occupancy of 2.9 years with more than a quarter of tenants renting for over four years.
The scheme also includes 154 underground car parking spaces, garnering an annual income of £13,200.
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Image © Savills
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