This project represents one of the most significant acquisitions in the portfolio to date, in terms of both scale and complexity.

Located within the historic city walls of York, the acquisition comprises 39 units in total, including 36 residential flats and 3 commercial units, arranged across multiple adjoining buildings in a prime city-centre location.

The property was acquired for £4.75M, with completion taking place in March 2026 following a nine-month transaction period.

From the outset, the opportunity was identified not purely on the basis of income, but on its underlying structure and the potential to unlock value through title separation.

On completion, the asset was restructured through title splitting, resulting in a revaluation to approximately £7.33M. This uplift was achieved without reliance on market growth, but through repositioning the asset into individually saleable and financeable units.

The scheme now generates an annual rental income of approximately £430,000, providing a strong income base alongside the capital uplift achieved.

The transaction itself was highly involved, requiring coordination across multiple legal teams, specialist tax advisors, brokers, and lenders. The financing structure included a senior facility covering the full purchase price, along with additional capital to cover acquisition costs, tax liabilities, and associated professional fees.

Costs associated with the acquisition included approximately £227,000 in SDLT, £75,000 in legal fees, and £150,000 in sourcing fees, alongside valuation and finance costs.

A further layer of optimisation has been explored through capital allowances, with the potential to deliver significant tax efficiencies across the scheme's commercial elements.

The strategy throughout has remained consistent:

Acquire well-located assets with structural potential
Create value through title and planning expertise
Refinance to stabilise and extract capital
Retain long-term income-producing assets

All assets are held under full ownership. External funding, when used, is structured as debt rather than equity, ensuring control remains with the business while providing fixed returns to funding partners.

This project reflects the core philosophy behind the portfolio:

Value is not found in the market.
It is created through structure and execution.

Private investors played a role in supporting elements of the acquisition and continue to form part of the wider growth strategy, with a focus on transparency, asset-backed security, and clearly defined returns.