Sigma announces sale of £11.7m Salford PRS scheme

Sigma Capital Group PLC has sold a completed private rented sector (PRS) development site to the PRS REIT PLC for around £11.7m.

The completed site in Salford, Greater Manchester, consists of 73 newly built two-, three- and four-bedroom family homes.

Combined, the properties will provide a rental income of approximately £700,000 per annum.

The transaction also includes a forward contract with the PRS REIT over a site near Wakefield which – when completed – will comprise 72 new homes with an expected rental income of around £600,000 per annum and a gross development cost of approximately £9.2m.

Sigma currently has five PRS sites at varying stages of development which will deliver around 280 new family rental homes with a gross development cost of circa £46.3m and an estimated rental value of approximately £2.85m per annum.

The other sites – which are under forward contract for acquisition by the PRS REIT once completed and let – are in Harlow, Nuneaton, Telford and Wigan.

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