KCR Residential fully lets Southampton new build development

8th Apr 2019 10:34

(Sharecast News) - Real estate investment trust KCR Residential has fully let its Chapel Riverside new build development project in Southampton.KCR revealed on Monday that it had fully let the new build apartment block consisting of 27 two-bedroom apartments and 28 dedicated car parking spaces, located on the waterfront in a prominent location on the west bank of the River Itchen.The AIM-listed outfit will collect £345,000 in rental income per year, approximately 25% more than it forecast when it acquired the property. The gross yield on the price paid for the acquisition was 5.9%.Chief executive Dominic White said: "KCR's Chapel Riverside investment in Southampton has exceeded our expectations by a significant margin and is generating substantial positive cash flow for the company. We expect to make further investments in the short term."As of 1035 BST, KCR shares had slid 5.81% to 29.20p.