Advised by CBRE, the Swedish property group Akelius has completed the purchase of Brondesbury Court in North West London from Grainger for £6.65 million.
Brondesbury Court is a 1930’s four-storey, purpose built residential block comprising 18 apartments with off-street parking and substantial grounds to the rear of the property. It also has planning permission for the creation of four two-bedroom flats with private terraces on the fourth floor, which will enhance the scheme’s income.
Located on the border of Brondesbury and Willesden Green, Brondesbury Court is approximately an eight minute walk from Willesden Green Underground Station on the Jubilee Line providing rapid access to the West End, The City and Canary Wharf.
The acquisition of Brondesbury Court follows one of the largest residential property transactions in recent years when Akelius purchased a portfolio of 574 apartments from Terrace Hill for £75.35 million in March.
Lars Lindfors, Managing Director of Akelius UK, said:
“Brondesbury Court fits within our core remit of acquiring residential property in popular London boroughs that is well-located for local amenities and close to transport. We are on course to reach our target of acquiring 1,000 residential units in the UK by the end of the year and our refurbishment works on the properties we have already bought are well underway. This includes installing new kitchens and bathrooms, renovating the common areas and landscaping grounds to ensure that our UK portfolio meets Akelius Living standard.”
Chris Lacey, Head of Residential Investment and Funding, CBRE, said:
“Akelius has now invested around £100 million in acquiring and refurbishing property in London and the South East of England, since the fund entered the market at the end of last year. We are continuing to work with Akelius to identify suitable acquisitions for its UK portfolio.”
Akelius owns a total of 35,000 residential properties in Sweden, Germany, England and Canada with an assessed market value of £3.1 billion.
