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Two-bed bungalow in North London looks like a shed and costs £500k

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From the outside, this North London detached home appears to be no bigger than a garden shed.

But looks can be deceptive as the bungalow has two bedrooms, a separate bathroom, and a living area that includes a kitchen. It extends across 472 sq ft, which is the equivalent of a fifth of a tennis court.

And it costs much more than your traditional extra addition building at the end of the garden… considerably more, with a price tag just shy of half-a-million pounds.

The bungalow in North London's Edgware is for sale for u00A3499,950, via estate agents Yopa

The bungalow in North London’s Edgware is for sale for £499,950, via estate agents Yopa

The bungalow has recently been refurbished, and now enjoys a brand new kitchen

The bungalow has recently been refurbished, and now enjoys a brand new kitchen

The detached property is in Edgware, in the North Londond suburbs, where the average price of a home is £495,218.

The price of this bungalow is even higher than that, and it currently boasts a price tag of £499,950. It is being sold via estate agents Yopa.

The bungalow’s price considerably above the typical value of a home in Britain today, which stands at a much lower £305,397.

The kitchen in the bungalow is adjacent to the entrance doorway and one of the windows

The kitchen in the bungalow is adjacent to the entrance doorway and one of the windows

The property has a paved area garden outside with a herringbone pattern

The property has a paved area garden outside with a herringbone pattern

There is a large skylight in the main living area , which helps to bring light into the property

There is a large skylight in the main living area , which helps to bring light into the property

The bungalow’s marketing literature points out that it has a gated driveway entrance, off-street parking and a large skylight.

This property offers buyers the unique opportunity to purchase a freehold house in this area for cheaper than the price of a flat 

Clive Truman, the Yopa agent for Harrow and Barnet, who lives round the corner from the property and has worked in the local market for 30 years, said: ‘There are two-bedroom flats on the market in this part of Edgware selling for up to £575,000. 

‘This property offers buyers the unique opportunity to purchase a freehold house in this area for cheaper than the price of a flat, with all the perks that comes with that.

‘There’s a private gated driveway, private outdoor garden space, you don’t need to worry about noise from neighbours either side of you (or above and beneath you), and there is no service charge or ground rent to factor into budget.’

Clive Truman, the Yopa agent for Harrow and Barnet, describes the bungalow as a 'unique opportunity to purchase a freehold house in this area for cheaper than the price of a flat'

Clive Truman, the Yopa agent for Harrow and Barnet, describes the bungalow as a ‘unique opportunity to purchase a freehold house in this area for cheaper than the price of a flat’

There are two separate bedrooms painted white to make them feel more spacious and light

There are two separate bedrooms painted white to make them feel more spacious and light

The modern bathroom has a white suite, some grey tiles and contemporary lighting

The modern bathroom has a white suite, some grey tiles and contemporary lighting

He explained that the two-bedroom property had recently been refurbished with a ‘brand new kitchen’.

The photographs show a doorway, which is on the ‘width’ of the property – which extends back to include the two bedrooms and bathroom. 

Mr Truman added: ‘This property is deceptively spacious and really has to be viewed to be appreciated.’

And he concluded: ‘A five minute walk from two underground stations and close to popular bars and restaurants, it’s the perfect unique London pad for when life returns to normal. This property is definitely a one-off, and is one of the most unique homes I have marketed in my thirty years working in the area.’

This property is deceptively spacious and really has to be viewed to be appreciated 

The property has good access to public transport being less than half a mile Edgware underground station. It is also less than a mile from Canons Park and Burnt Oak underground stations.

Separately, North London estate agent Jeremy Leaf said: ‘It looks like a shed. It would have been better suited to a home office. A self-contained, separate house, is really pushing it. You have to think about access, privacy for existing houses and whether it would be overlooked.

‘It’s not uncommon for homeowners in the area to do similar, building flats or houses in their gardens which they can let out as an Airbnb. That’s one thing, but selling it as a separate home is in my opinion, a step too far.

‘There’s not much of a view out of the window either but if it meets regulations, then I doubt there is much the planners can do about it.’



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AnaCap secures €59m loan for Paris office deal (FR)

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Tristan Capital Partners’ TIPS One “Income Plus” Real Estate Debt Fund has provided senior debt financing to funds advised by AnaCap Financial Partners, to support the €59.25m acquisition of South Station, a freehold office asset located in Massy, in the second ring of Paris. South Station is a high-quality property ideally located in Massy – the largest economic centre in the Southern Paris area – and is adjacent to the town’s main transport stations (RER and TGV). The asset is one of the most attractive buildings in the submarket offering modern A-grade office space with excellent amenities.

 

The sale and partial leaseback acquisition will see the vendor CGG, a geophysics specialist, remain as the majority tenant. Pramena Investment will act as the asset manager for the property.

 

Ashil Sodha, Director, Debt Investment at Tristan Capital Partners, said: “As TIPS One continues to diversify, we are pleased to have closed our first loan in France. We are focused on lending on high-quality assets with the right ESG characteristics and we believe this loan exemplifies this strategy well. We look forward to working alongside AnaCap and Pramena and supporting them in optimising their strategy for this asset.”

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Barratt and David Wilson invest €45.5m in UK resi market

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Harworth Group plc has sold two residential land parcel at its Waverley and Thoresby Vale developments to Barratt and David Wilson Homes, for a total consideration of €45.5m (£39m).

 

At Waverley in South Yorkshire, Harworth has competed a €33.8 (£29m) land sale which will see the delivery of approximately 450 homes, of which over 30% will be affordable. This represents Harworth’s largest-ever serviced residential land sale by number of plots. The new homes will represent Barratt and David Wilson Homes’ fifth phase at the site and will be situated adjacent to both Highwall Park and the Waverley Lake, benefitting from unique water frontage in an area of the development known as Waverley Waterfront. Construction will follow a bespoke design code, devised in partnership between Harworth and Barratt and David Wilson Homes, that complements the existing Waverley development while maximising the amenity value of the area’s waterfront location. The development will include a pedestrianised promenade, further enhancing the site’s placemaking and connectivity.

 

At Thoresby Vale in Nottinghamshire, Harworth has exchanged on the sale of serviced land capable of delivering 174 homes, for €11.6m (£10m). This represents the second phase of the Thoresby Vale development, following the sale of two land parcels at the site to Harron Homes and Barratt and David Wilson Homes in 2019 and 2020 respectively. Alongside the new homes, Barratt and David Wilson Homes will provide a new surface water attenuation pond and a multi-use path and associated landscaping, which will enhance connectivity and link to the site’s planned primary school and local centre, for which site preparation works are currently underway. The sales conclude an active first half for Harworth’s residential developments, during which over 100% of its budgeted residential land sales for the year were completed, exchanged or under offer, and it also launched its first single-family Build to Rent portfolio.

 

Andrew Blackshaw, Chief Operating Officer at Harworth, commented: “Barratt and David Wilson Homes is a trusted and valued partner to Harworth, and we are pleased to be developing our relationship with these two significant land sales. Harworth is particularly well-placed in volatile markets as our serviced land provides housebuilders with a product which is de-risked and ready to build on from day one. The acceleration of both our Waverley and Thoresby Vale sites will see Harworth stepping through its strategy to take advantage of the placemaking and levelling up that these schemes ultimately bring to these communities. In addition, these sales will enhance the maturation of these socially diverse neighbourhoods when delivered alongside our recently launched single family Build to Rent product, Project Spur.”

 

Ed Catchpole, Joint Regional Director for Yorkshire & Central at Harworth, added: “Barratt and David Wilson Homes has a proven track record of high-quality housing delivery at Harworth sites, and these transactions will help to further accelerate the build-out and placemaking at Waverley and Thoresby Vale. Both sites are also set to benefit from additional investment which will see the creation of new Build to Rent homes and local amenities.”

 

Mark Cotes, Managing Director at Barratt and David Wilson Homes North Midlands, said: “We’re thrilled to have secured the land for an extension to our Thoresby Vale development and will look forward to another opportunity to meet the growing demand for housing in Nottinghamshire. Our growing community in Edwinstowe will continue to provide new jobs for local people and we’ll be making further ecological and financial investments as the development progresses.”

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Stokrotka to acquire 14 grocery stores (PL)

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Retail grocery chain Stokrotka signed an agreement to take over 14 grocery stores that are operating in Poland in the Masovian Voivodeship. The transaction is planned to be completed until the end of 2022, subject to certain conditions to be fulfilled according to the agreement, including antitrust approval. Target sales of 14 stores operations to be taken over are expected to reach more than €25m. Stokrotka is a Polish grocery retail chain and at the end of 2021 operated over 800 own and franchised stores, its turnover amounted to over €1bn. Stokrotka belongs to Maxima Grup? since 2018.

 

“Following the takeover of eight stores which was finalised at the end of 2021, the recently signed takeover of 14 stores in the area of Masovian Voivodeship will further strengthen our position in the region and allow us to expand in addition to the planned organic growth”, said Arunas Zimnickas, Managing Director and President of the Management Board of Stokrotka.

 

“Despite challenging times, we believe in this region in terms of both security and growth opportunities. Therefore,  we are further investing and were able to carry out a second acquisition within one year time frame. The transaction contains real estate element, which corresponds to our direction of strengthening real estate portfolio. We are keeping our focus to expand in the Polish market, both through organic growth and M&A activities with the main criteria that it would be a good fit within Stokrotka’s business model. Ar?nas Zimnickas with his team are doing a great job, managing to maintain the expansion of the chain by almost hundred stores a year“, said Mantas Kuncaitis, Maxima Grup? CEO and Chairman of the Board.

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