News
GB Sells Existing Stock Portfolio
May 20, 2014
In the last 12 months GB Developments has sold 25 apartments from its rental portfolio for in excess of £12m.
Simon Grace, Managing Director of GB Developments, commented -
“We took a conscious decision twelve months ago to reduce our existing portfolio and take advantage of market conditions. Much of this stock was between six and ten years old and beginning to look tired and in some cases in need of refurbishment. We were able to undertake an ordered disposal when tenants vacated the properties.
In addition to being very profitable, much of this stock was completed at very low loan to value levels during the banking crisis and it has therefore enabled us to free up a good deal of equity. We have subsequently reinvested a proportion of this equity into new off plan stock in areas such as Nine Elms, Earls Court, Mayfair, Chiswick and Stratford.
We continue to look for additional investment opportunities with regard for market sentiment and conditions at all times.”