Farlane Capital has made its first move in the private rental market with the acquisition of two new-build freehold residential blocks at Red Clover Gardens in Croydon, Surrey.
The move marks the first step towards Farlane’s goal of creating a portfolio of 500 private rental homes, featuring lower-cost, energy-efficient flats with strong transport links to urban centres. The firm intends to collectively brand the portfolio as Nara Living.
The scheme comprises 72 one- and two- bedrooms flats, most of which have balconies overlooking communal gardens.
The move was backed by £12.5m loan from BLME.
Rashid Khan-Gandapur, director for real estate finance at BLME, said: “Our assessment of Red Clover Gardens as a strong asset is reflected in all units being occupied so quickly and we’re pleased to be helping to bring much-needed supply to the market.”
Grant Livingston, founder of Farlane, said: “The assets have been let at record speed and we look forward to adding assets to our portfolio and ensuring good-quality management to achieve strong lettings.”
Image © Farlane
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