1 June 2018
Annington became one of the largest private owners of residential property in the UK following the purchase of over 57,000 homes from the Ministry of Defence (MoD) in 1996. Most of the properties have been regenerated and leased back to the MoD.
The Oak homes sold included 65 two, three and four-bedroom houses and 39 two-bedroom flats in Bristol, Gloucester and Hampshire, and all still have the tenants in place. These homes were sold using Vesta, the new digital property marketplace for the Private Rented Sector (PRS).
Mill Group, has managed the assets for Oak Portfolio since 2014, which consisted of nearly 180 new homes across the South of England. There are currently over 70 properties still available for sale in the Vesta marketplace in areas such as Cambridge, Bristol and Southampton.
David Toplas, CEO of Mill Group, comments:“Selling properties with tenants in place have both social and commercial benefits. It not only creates stability for the tenants, but also preserves rental income for both the seller and the buyer. This approach is revolutionising the PRS.
Mill Group is delighted to have found a buyer with great social credentials and an innovative marketplace in Vesta, which offered provided maximum reach to an assortment of potential buyers, ensuring that the best price could be achieved when compared with the traditional approach.”
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