Walls & Futures REIT plc (“WAFR”) the Ethical Housing REIT, announces that it has completed the acquisition of its latest Supported Housing investment.
The company has acquired a freehold semi-detached bungalow in Didcot, Oxfordshire for £465,000. The property will be redeveloped and adapted to provide a high-quality home with specialist support, for four adults with physical & learning disabilities and/or mental health needs. The work is expected to be completed by the end of October 2019. The Company expects the conversion costs and eventual rental yield on this new property to be materially inline with that of the Company’s existing property in Stroud, Gloucestershire.
The property is being let on a 25-year full repairing and insuring lease, with rents adjusted annually in line with inflation (CPI), to one of the UK’s largest and longest-established providers currently supporting more than 2,500 adults nationwide.
Joe McTaggart, CEO of Walls & Futures REIT plc commented:
“We’re delighted to be delivering another high-quality, specially adapted home and to add greatly needed supported housing places.
We believe our development led strategy allows us to offer more competitive and sustainable terms for our customers, while driving growth of our Net Asset Value and delivering higher Initial Net Yields.
We have a pipeline of projects in the South and South West of England where we have agreed terms and are working to deliver them over the coming months.”