Amcorp strengthens presence in London with new acquisition

KUALA LUMPUR: Taking advantage of the continued strength of the ringgit against the pound sterling, Amcorp Properties Bhd (Amcorp) is acquiring a residential property in London to further enhance its presence in London property market.

Amcorp — via its wholly-owned subsidiary Riverich Limited — has entered into a Contract for Sale of Freehold Land with Abaca Services Limited to purchase the property at 101, Lexham Gardens, London, W8 6JN for £7.3 million (RM35.57 million), it said on Tuesday, Dec 21.

The property, comprising 10 self-contained apartments, has a net lettable area of 8,308 sq ft, and based on current rentals from existing tenants, the rental yield is about 4%.

Located within a predominately residential area, it benefits from public transport amenities with the High Street Kensington and Gloucestor Road underground stations nearby.

According to Amcorp, based on rental rates of comparable properties in the vicinity, there is potential for healthy rental rates increases in the future when the current tenancies expire.