SOLD: Fancy living on this secluded £5m Wolverhampton housing estate?
A private housing estate in Wolverhampton has been sold for more than £5 million.
The homes, all for rent, fetch around £600 per month or more.
The private Foxlands Crescent estate comprises 51 apartments and six bungalows in Upper Penn and has been purchased by Birmingham-based rental homes group AH Field Properties for £5.35m.
The flats, located in seven separate buildings, and the bungalows all feature two bedrooms. The estate also includes three garages, a site office and off-street parking for 68 cars.
The homes are all full let on short term leases, and annual rent from the estate totals £379,980.
AH Field is well known in Birmingham and the West Midlands for providing good quality homes for the UK’s PRS – private rental sector – market and for fully managing, letting and maintaining all the properties through its own internal operations.
The latest acquisition increases its growing portfolio of residential assets across the West Midlands to around 1,000 properties, of which 200 are in the Wolverhampton area. Over the last five years, AH Field has acquired similar properties in Wolverhampton, Walsall, Oldbury, Burton on Trent, Swadlincote, Kings Norton and Stechford.
Mark Hirschfield, chief executive of A H Field Properties, saidd: "The acquisition of the Foxlands Crescent estate in Wolverhampton was a strategic bolt on to the group’s existing holding in the region and as long-term investors in the PRS market, we continue to look for similar opportunities to ensure that we continue to provide quality accommodation for our tenants throughout the West Midlands."
William Shoebotham, associate at Allsop, the property agents who handled the sale, added: “This purchase uniquely complemented AH Field’s existing portfolio and with HS2 due to give the area a welcome boost, Foxlands Crescent represented an ideal, long-term investment opportunity.”
Allsop advised Evenbrook Estates, which was selling Foxlands Crescent.