MCR Homes has announced the sale of its Broadwater Apartments development in Worthing, West Sussex, to LRC Group, for £12m.
The 53,000 sq ft former EDF Energy building was transformed by the Manchester-based company’s parent, MCR Property Group, last year into a mix of 78 one- and two-bedroom luxury apartments.
All units have since been fully let and LRC Group has acquired the entire scheme as a going concern within the private rental sector.
LRC Group is committed to maintaining the former office block as a tenanted development and residents have been notified of the change in landlord.
The two acre site incorporates a landscaped internal courtyard, provides parking for 78 cars and is just a short walk from Worthing’s historic seafront, beach and town centre.
MCR Homes continues to expand its residential footprint throughout the UK and is on track to deliver thousands more homes in 2021.
The LRC transaction – advised on by Avison Young – was agreed as property website Zoopla recorded the biggest increase in rental demand in cities across the UK since its index began in 2008.
Michael Fenlon, director at MCR Homes, said: “MCR spent 18 months transforming what was a redundant office building into a new community of high specification apartments.
“The regeneration of this site has been an outstanding success for the local community.
“The LRC Group’s demonstrated track record in property management and tenant relations now makes them the ideal landlord to take over the development.”
Mital Patel, senior acquisitions and asset manager at LRC Group, said: “While all the talk during the pandemic was about how demand had risen for bigger homes with more outdoor space, there remains huge demand in the private rental sector for spacious one- and two-bedroom apartments situated within easy reach of public transport.
“Broadwater Apartments allows for flexible, dynamic living in one of the UK’s most vibrant seaside towns, and we are looking forward to getting to know our new tenants and building on what MCR has achieved.
“LRC continues to have a strong appetite to acquire similar residential properties across major cities and towns across England.”