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IP Global makes second Deptford purchase

Hong Kong investor IP Global has block purchased 121 flats in Deptford, which it will either rent to the market directly, or sell to buy-to-let investors. The flats were originally intended to form part of a rental portfolio held by developer Cathedral Group, which is undertaking the £48 million Deptford project.

The scheme is next to Deptford railway station, and in an eight storey block will deliver 121 private flats, eight affordable homes, three townhouses and refurbished railway arches for commercial use. The IP Global deal will ensure Cathedral can start on the project, as development finance is now forthcoming. In February, Cathedral bought out its original joint venture partner on the project, United House.

Cathedral, an established residential and mixed use developer, wants to establish its own long term private rented portfolio. According to Property Week magazine, the company is looking for up to £300 million from a funding partner, to get the portfolio moving.

This is the second project in Deptford, south east London, that IP Global has invested in. The company recently bought a block of 64 flats in a scheme at Hilton’s Wharf, Deptford Creek for £30 million. The company has also recently purchased eight City apartments in a block on Lovat Lane that cost it £6 million.

Deptford buy gives IP Global 64 London flats for rent

Investor IP Global has bulk purchased 64 flats at Hilton’s Wharf in Deptford Creek, south London. The flats, which will not be completed for 18 months, are then likely to go into the group’s rental property portfolio.

The investment, estimated at £30 million by Property Week, has bought IP Global a mix of one, two and three bedroom apartments in the project, which is being developed by Glenageary Estates, part of the Durkan Group. The flats are selling off a value of around £600 per square foot.

IP Global has also recently purchased 8 flats at a development in Lovat Lane in the City of London. The block is a recent conversion from an office building, undertaken by Lucrum Holdings.