Skyline Plaza attracts very competitive bidding

The Carlyle Group & Generation Estates Ltd have now sold the last two assets acquired to facilitate their very successful student joint venture, Pure Student Living.

Skyline Plaza at 80 Commercial Rd is an apartment block over a ground floor showroom let to Bathstore. The ground rental income from the apartments is £30,000 per annum whilst the Bathstore unit is producing £90,000 per annum giving a combined income of circa £120,000.

The interests were marketed separately using Singer Vielle’s “clicktopurchase” platform but a single party represented by Norton Rose won the bidding paying £3,160,000 which reflects a yield of sub 3% for the ground rents and 4.5% for the Bathstore property.

Nicky Barker of The Carlyle Group said: “We have never used anything like clicktopurchase before when selling. The ease of use, speed and professionalism bought to the selling process was a delight. Above all, it helped us to deliver an impressive result but with certainty.”

Gareth Davies of Generation Estates said: “This is the second time we have sold a property using Singer Vielle’s clicktopurchase platform and yet again it has resulted in an excellent result.”