FHP and sister brand FHP Student Living have completed two portfolio sales of HMO properties in Nottingham.
David Hargreaves, founding director of FHP and FHP Living, said: “Demand for HMOs from students continues to remain good thanks in part to two very strong universities with rents continuing to rise.
“However with significant increases in interest rates as well as utility costs and increasing compliance and licensing requirements we are starting to see a ‘changing of the guard’ in terms of ownership.
“Many owners of student HMO’s have owned for 20-30 years and are now getting to an age where the constant changes and demands on them are resulting in them looking for an exit.
“At the same time we are seeing an increasing number of large prop co’s and institutionally backed companies buying in to the sector as they build substantial national portfolios of several thousand beds focused on the key university cities.”
Jonty Green, who heads the investment side of the FHP Student Living business, said: “Our two recent portfolio sales fall under such a scenario and the links FHP have with the large prop co’s and institutions through their overall investment work together with our deep local knowledge has put us in a strong position to help our clients achieve their aims.”
The first portfolio of five houses and 26 beds in the prime Lenton area achieved a price of just over £2,000,000 with Massers advising on the legals.
The second portfolio of 22 properties and 112 beds also in Lenton achieved a price of just over £8,000,000 with Helene Maillet-Vioud of Geldards leading on the legals.
