Developer landlord - bags a brace at Highbury

Landlords who may have read my recent blog about investing in a bit of football heritage may be interested about the word on the street is that a big institutional buyer is buying 146 units at a 27% discount to their individual market price.

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London & Stamford has bought the block in the former North stand from Highbury Holdings for £41.4m equivalent to £400/sq ft. The market value of the units is thought to be nearer £550/sq ft.

At the purchase price the investment is thought to give a gross yield of about 7% - pretty good for central London.

The company founded by legendary property men Raymond Mould and Patrick Vaughan are known throughout the industry for picking up bargains and selling out at the top of the market.

I'm hoping this proves the case as I've got a small holding of London & Stamford AIM listed shares in my pension.

The purchase by London & Stamford adds weight to those that think residential prices may have bottomed and also indicates that for bulk purchases its still possible to negotiate big discounts.

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