NB: completion in Feb/March 07.
One of Britain’s most prolific property investors today sealed a deal worth over £30 million to buy a luxury apartment development in the middle of London’s Docklands.
The purchase of 102-apartments at Limehouse Basin – just five minutes from Canary Wharf – is Summertime Properties’ first major deal in the capital.
Until now Summertime, and its 34-year-old managing director Manoj Raithatha, have been best known for large-scale property purchases in the North of England.
Last year alone Summertime acquired property worth more than £100m in a string of deals, including buying £35m of apartments in Leeds in one day.
Earlier this year Manoj, who won a Bafta for writing a hit children’s TV series, revealed family-owned Summertime’s ambitious plans to buy 1,500 apartments in London. The last acquisition, bought off plan, is the first stage in Summertime’s blueprint for the capital.
The Limehouse Basin deal is the final phase in the development of one, two and three-bed apartments and penthouses, overlooking Limehouse Marina.
The apartments are large – a typical two bedroom is 900sq ft and all have balconies. There’s also lots of parking and the properties are finished to a high specification.
Summertime believes Limehouse is in a prime position to benefit from the spin-offs from London’s Olympic Games – as well as the city’s continuing growth as a world financial center.
Manoj said today: “Summertime is delighted at the purchase of this high-quality development in a fantastic location. The size of the apartments was a major attraction to us, plus their high quality internal and external design.
“Sitting between Canary Wharf and the City, the corporate lettings market in the area is just fantastic.
“It is five minutes away from Canary Wharf and seven or so minutes from Bank underground station. You are within striking distance of the City and the West End.”
He added: “The London market is moving up and there are a lot of reasons for that.
“Bonuses in the City continue to grow, which affects spending power, and by next year there will be almost 20,000 more workers in the City.
“London’s reputation as a world financial centre just keeps getting stronger and stronger and add to that the effect the Olympics is going to have, not just in the Stratford area.
“We’re looking forward to launching the Limehouse apartments on the market shortly.”
Summertime Properties is using the same proven formula that has been so successful in the North of England for its London operation. The firm has a reputation for buying the best and seeking out a combination of quality location, high specification and competitive price.
The company specialises in buying properties off-plan and in bulk with benefits that are then passed to its many smaller investors.
It has invested in cities such as Leeds, Bradford, Newcastle, Manchester and Sheffield – driven by the renaissance in city living and the vast amounts of regeneration investment being pumped into creating new homes on former industrial sites.
Details of the latest deal and Summertime’s other properties
across the UK can be obtained by logging onto
www.summertimeproperties.com or by calling 0845 402 7076.