The commercial property team at North West law firm, Woodcocks Haworth and Nuttall, has advised on the £6 million sale of Landmark Investment Group’s ground rent portfolio.
Landmark, based in Bolton, specialises in the purchase of ground rents for residential and commercial properties.
Founded in 2000, it has a portfolio comprising of ground rents for 1,368 properties across 33 sites in the UK including; Bolton, Cardiff, Stockport, St Albans, Croydon, Plymouth, Colchester and York.
Landmark Collections, the specialist management arm of Landmark Investments Group, has been retained to manage the portfolio.
WHN Solicitors advised on the firm’s sale of ground rent at a yield of three per cent. The portfolio has been sold to an offshore investment company which was impressed by Landmark’s combination of long term income and the robust management in place.
Partner at Woodcocks Haworth and Nuttall, Gary Jones, commented: “The commercial property sector in the north west is booming and it’s great to see a business commit to growth.
“This was a large and complex transaction which required specific commercial property law expertise. Throughout the sale there was a real need to ensure the interests of Landmark were protected and the transaction was watertight.”
Mark Hawthorn, director, at Landmark said: “While we are an investment company and we don’t usually sell our stock, the opportunity arose to sell part of the portfolio at an attractive price.
“The proceeds will allow us to re-gear and expand our banking facilities which will lead help us grow our portfolio.
“We are looking at a number of interesting scenarios where we can create ground rents on commercial properties and we see a big opportunity in this area.”
