One of the Midlands’ fastest growing PRS developers has acquired two more development sites in the Black Country.
Ruskin Properties Ltd has bought two sites in Cradley Heath and Stourbridge in deals arranged by PAI member Fisher German.
Louise Garbett, Ruskin’s Accounts Manager, said: “We have invested circa £10m in the last 18 months in property and development sites within the Black Country to build private rental properties and we’re always on the hunt for more.”
The business has in the region of 400 plots either in planning or about to go forward for permission.
Ruskin has acquired the residential development site in Cradley Heath, fronting onto Lower High Street and Silverthorne Lane
The 1.2-acre site opposite Lidl and close to Cradley Heath railway station has detailed planning consent for 26 homes with no requirement for any Section 106 provision.
Ruskin has also bought the Skoda car showroom on Enville Street, Stourbridge, which is currently let to Trust Group UK Ltd until June 2021 at £65,000 a year. The asking price of £790,000 represented an attractive net initial yield of 7.78%, though the site has future development potential.
Fisher German Commercial partner Duncan Bedhall said: “Ruskin has been extremely acquisitive recently and have cash funds available. So, as agent for the seller, they were one of the obvious possible purchasers for potential development sites such as these.”