News today from letting agent today;
A property fund spun off from a homeless charity is set to buy a portfolio of affordable rental properties suitable for vulnerable tenants, and is to open up to ‘ordinary’ investors.
The Real Lettings Property fund has so far raised £16.25m from housing associations and charities. Investors include City of London Corporation and Big Society Capital, which have invested £500,000 and £5m respectively. Big Society Capital uses money that is lying in dormant bank accounts.
The fund has now bought its first property, a £250,000 two-bed flat that is planned to be the first of 240 purchases across London. The properties will be rented out to people most in need, at slightly under market rents.
The fund is run by Real Lettings, the lettings agency arm of Broadway, a homeless charity, and Resonance, a social impact investment company.
It is now looking for other investors, with a minimum stake of £50,000.
Simon Chishold, managing director of Resonance said: “At heart this is a very simple fund – it’s investing in property but with a clear social purpose.”
The fund, which has a seven-year life, is aiming to deliver 5% a year returns to its investors.
Real Lettings already leases 167 flats from private landlords.
Huddersfield houses for rent • Huddersfield property to let • Huddersfield estate agents • Huddersfield property lettings across the uk • Huddersfield homes for rent • Huddersfield properties to let • Huddersfield letting agents • Huddersfield residential lettings furnished and unfurnished • Huddersfield student accommodation • Huddersfield flats to let • Huddersfield lettings agents • Huddersfield student lettings close to universities • Huddersfield property for rent • Huddersfield houses to let • Huddersfield lettings agent • Huddersfield student housing for pay per room and sharers • Huddersfield properties for rent • Huddersfield homes to let • Huddersfield letting agent • Huddersfield flats for rent from studios to luxury apartments – Property to rent in Huddersfield – Houses to rent in Huddersfield – 2 bedroom houses to rent in Huddersfield – 3 Bedroom houses to rent in Huddersfield – 4 bedroom houses to rent in Huddersfield – 1 bedroom flats to rent in Huddersfield – 2 Bedroom flats to rent in Huddersfield – Letting Agent Huddersfield – Huddersfield Letting Agent