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New homes for In-House
A property broking and management group that focuses on buying under-valued assets is to add 11 terraced houses to its books. In-House Group has agreed to acquire Avanti Properties, which owns houses north of Manchester within commuting distance of the city.
The agreement is set to cost the group some £880,000, which will be financed through debt provided by Dunfermline Building Society.
The potential gross rental income from the target houses is estimated to be more than £50,000 a year. Completion of the deal is subject to an independent valuation of the properties, which will be arranged by Dunfermline Building Society.
This is the latest in a series of acquisitions In-House has completed this year, including the £2.3 million takeover of Berrymount Developments, which had 28 properties in the northwest, and Macmerry Industrial Estate for more than £1 million.
In the six months to November 2007, In-House made a £182,000 loss on a £934,000 turnover.
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