A property portfolio comprising 86 residential flats and two commercial properties in the borders town of Hawick has been sold to a private investor by DM Hall, one of Scotland’s largest independent firms of chartered surveyors, for an undisclosed sum.
The portfolio, which had been built up over 25 years, was estimated to have an aggregate value in the order of £3.951m on an individual basis and an anticipated gross rental income of around £283,000. The purchase price represented a significant discount to reflect the age and disparate nature of the properties.
Ross Wilson, DM Hall’s Head of Agency in the East of Scotland who oversaw the transaction, said: “This sale offers the purchaser a generous net initial yield. With some pro-active asset management and capital expenditure, the reversionary yield will comfortably hit and trade at a sustainable double digit rate of return on investment”.