Coventry’s largest city-centre residential scheme has been bought for £15m by two private Irish investors.
John Harty and Gerry Cosgrove have acquired the majority (107 units) of the 136-unit Beauchamp House development on Greyfriars Road, being built by David Wilson Homes. The yield is expected to be close to 5%.
Around 29 flats have also been sold on the open market. Completion is due in May.
Harty and Cosgrove, backed by banks including the Anglo Irish Bank, are aggressively looking for similar investment opportunities across secondary cities in the UK.
Mark Evans, partner at Knight Frank, which is advising the duo, said: “They’re very keen to buy schemes in places where there’s still capital growth.”
References: EGi News 27/01/05
