longmint portfolio case studypdf.savills.com/documents/longmint portfolio.pdf · longmint portfolio...

Piers de Winton +44 (0) 20 7016 3816 [email protected] LONGMINT PORTFOLIO CASE STUDY u The portfolio comprised approximately 2,700 properties in 209 buildings located largely within the Greater London area but extending to the south coast and Wales. The annual ground rent income was £288,406 with an average annual lease extension income of £663,895. 40% of the properties had a lease term of less than 80 years remaining with rent reviews due on 367 properties within the next 5 years. The Longmint Reversionary Ground Rent Portfolio London & South East England u Savills was instructed to advise on the ultimate goal of portfolio disposal and spent 13 months working with the Administrators to de-risk the portfolio prior to the marketing process. Marketing commenced in Q1 2013 and over a dozen oﬀers were received from a variety of buyer types. u Terms were agreed with a purchaser after a 2 stage bidding process and the bulk of the portfolio sold in December 2013. The remaining properties completed in 2014 as a result of the extended process under the 1987 Landlord & Tenant Act allowing qualifying leaseholders a pre-emption right to acquire. LONGMINT PORTFOLIO PORTFOLIO DISPOSAL “Savills advised over a 2 year period in connection with the Longmint portfolio which comprised over 2,700 ﬂats in London and across the South East. They advised on the timing of going to market, preparing the portfolio for sale and then marketed it, concluding in a successful transaction in December 2013. We are very pleased with the outcome which has achieved a value much higher than anticipated, in large part due to the input of Piers de Winton and the Savills team. Rob Hunt - Partner, PricewaterhouseCoopers LLP

Upload: others

Post on 06-Aug-2020

3 views

Category:

Documents

0 download

Report

Download

Embed Size (px):

TRANSCRIPT

Page 1: LONGMINT PORTFOLIO Case studypdf.savills.com/documents/Longmint Portfolio.pdf · LONGMINT PORTFOLIO Case study u The portfolio comprised approximately 2,700 properties in 209 buildings

Piers de Winton

+44 (0) 20 7016 [email protected]

LONGMINT PORTFOLIOCase study

u The portfolio comprised approximately 2,700 properties in 209 buildings located largely within the Greater London area but extending to the south coast and Wales. The annual ground rent income was £288,406 with an average annual lease extension income of £663,895. 40% of the properties had a lease term of less than 80 years remaining with rent reviews due on 367 properties within the next 5 years.

The Longmint Reversionary Ground Rent Portfolio

London & South East England

u Savills was instructed to advise on the ultimate goal of portfolio disposal and spent 13 months working with the Administrators to de-risk the portfolio prior to the marketing process. Marketing commenced in Q1 2013 and over a dozen offers were received from a variety of buyer types.

u Terms were agreed with a purchaser after a 2 stage bidding process and the bulk of the portfolio sold in December 2013. The remaining properties completed in 2014 as a result of the extended process under the 1987 Landlord & Tenant Act allowing qualifying leaseholders a pre-emption right to acquire.

LO N GM I NT P O RTFO LI O PORTFOLIO DISPOSAL

“Savills advised over a 2 year period in connection with the Longmint portfolio which comprised over 2,700 flats in London and across the South East. They advised on the timing of going to market, preparing the portfolio for sale and then marketed it, concluding in a successful transaction in December 2013. We are very pleased with the outcome which has achieved a value much higher than anticipated, in large part due to the input of Piers de Winton and the Savills team.Rob Hunt - Partner, PricewaterhouseCoopers LLP