Residential investment portfolio for sale

Edward Symmons has been appointed as receiver to sell a residential portfolio of 33 houses in North Manchester towns, asking price £2m.

An undisclosed bank appointed Colin Jennings, of Edward Symmons in Manchester, and Hugh Dorins in Leeds as official LPA receivers on the portfolio, which currently generates £109,000 a year in rent. Edward Symmons estimates the portfolio has the potential to generate £166,000 when fully let. Eleven out of the 33 homes are currently vacant.

The properties are spread across Shaw, Bury, Radcliffe, Bolton and Oldham and are a mix of sizes.

Paul Parker, partner at Edward Symmons, said offers in the region of £2m are sought for the entire portfolio although consideration will be given to a sale of parts.

Edward Symmons declined to reveal the original owner's identity.