Sigma Capital sells Birmingham development for £5.9m
Updated : 13:15
Private rental sector, residential development and urban regeneration company Sigma Capital announced the sale of a completed and fully-let private rental sector development to The PRS REIT on Monday, for £5.9m.
The AIM-traded firm said the development, in Handsworth, Birmingham, consisted of 31 homes designed for the family rental market.
It said the properties comprised a mix of three- and four-bedroom family homes, providing a combined rental income of £0.32m per annum.
The site was acquired at an independent valuation determined by Savills on behalf of the PRS REIT.
“As previously reported, Sigma currently has seven self-funded private rental sector sites underway at various stages of development,” the board said in its statement.
“Once completed and let, they will deliver 282 new rental homes for a gross development cost of £69m, and provide an estimated rental value of £4.1m per annum.”
The sites are in the North West, Midlands, South and in London, Sigma confirmed.
“Five development sites are under forward contract for acquisition by the PRS REIT once completed and fully let, with the two London sites designated for the Greater London Joint Venture with EQT Real Estate.”
At 1233 BST, shares in Sigma Capital Group were up 2.11% at 131.21p.