Market newcomer London Residential Opportunities plans to buy 330 London flats

Nick Goodway
06.07.09

Unsold new apartment blocks in London could be snapped up by a new residential investment company coming to the stock market this summer.

London Residential Opportunities wants to raise £50 million mainly from institutional investors and spend just over twice that buying about 330 flats and homes on some 15 developments.

It then plans to rent out the flats for up to five years before selling them into what it hopes has by will be a rapidly recovering house-price market in the capital.

Chief operating officer of management firm Callidus Advisory Partners Andy Gardiner said his team had identified 870 flats that have been completed and another 2000 close to completion that could suit its needs.

He said: “We are looking at developments of 20-plus units where either the private developer or his bank want to raise some cash quickly. We are talking about sensible price points of, say, 35 units for £10 million.”

Gardiner is targeting inner London areas such as Camden, Marylebone, Fulham and Highgate and suburbs such as Wimbledon and Stanmore.

Callidus, which has recruited failed mayoral candidate Steve Norris to its board at an undisclosed salary, is headed by former Redrow chief executive Paul Pedley.