Liverpool-based Yakel Property Investments has bought a 16-apartment scheme in Kirkby from LPA Receivers for £750,000, and plans to refurbish and expand the development for the private rented market.
Bigdale Court is made up of 16 two–bedroom apartments in four blocks purchased from Lambert Smith Hampton at auction, who acted on behalf of joint LPA Receivers for HSBC.
The 0.75-acre site is in a state of disrepair, and Yakel plans to invest around £200,000 to bring the homes back up to a decent standard.
The company said it is also working on plans to add eight more homes to the plot
Samuel Farage, head of acquisitions at Yakel: “We are very excited to acquire this PRS site in Kirkby. Bigdale Court is an excellent site in terms of location and space and despite becoming a poorly maintained development, I am looking forward to maximising the value it holds over the coming 12 months.
“We will continue to actively seek residential led opportunities throughout the North West and the wider UK.”
Yakel Property Investments is a Liverpool-based investment agency which provides asset management services for buy-to-let properties.