Kooky, the new boutique BTR brand, has acquired two more apartment blocks as the company continues to assemble a portfolio of properties in key locations surrounding London. Comprising 66 units in total, the two buildings form part of Bellway’s Goodsyard development in Bishop’s Stortford, Hertfordshire.
Kooky has acquired the properties, Blocks A1 and A2, on a 999-year leasehold basis for £20.5 million. Together with its purchase of Buckingham House in High Wycombe towards the end of last year, Kooky has invested just over £4o million in BTR in the current quarter.
The Goodsyard buildings include 28 one-bed apartments with an average size of 560 sq ft, 37 two-bed apartments of just under 800 sq ft each, and one 1,240 sq ft three-bedroom apartment. Currently under construction, the apartments will be available for occupation in Q2 2022. As part of the purchase, the two buildings will be Kooky-branded, with unique design elements incorporated into common areas to create the boutique feel that is a hallmark of Kooky’s approach. Kooky will also take on responsibility for letting and marketing the BTR units.
Commenting on the latest acquisition, Howard Crocker, Managing Director of Kooky, said: “Despite the ongoing lockdowns, we are seeing growing demand for the BTR market, especially as more and more people are seeking an opportunity to live on the outskirts of London to gain additional space and a better quality of life. Bishop’s Stortford is the ideal commuter belt town, and its proximity to the capital and Stansted airport are key drivers of demand for wanting to live in this area.
“At Kooky we are not about offering ‘run of the mill’ standard apartments. Our ethos is focused on boutique living and bespoke service; our rental properties showcase dynamic design and a personalised 24/7 service dedicated to our consumers from the point of moving in and thereafter. We are continuing our search to acquire developments in areas similar to Bishop’s Stortford that will help build our Kooky brand as the unique property provider.”
Greg Allsop, Sales and Marketing Director at Bellway North London, added: “The forward purchase of Blocks A1 and A2 by Kooky allows us to concentrate on the private sale apartments in the development, confident in the knowledge we have a great partner whose ambition complements our own. Kooky’s boutique approach to the BTR sector is innovative and adds to the overall appeal of Goodsyard.”
Goodsyard comprises five buildings in total in a prime position adjacent to Bishop’s Stortford station. The development is also just a few minutes’ walk from the town centre, and five miles from London Stansted. Kooky’s two buildings in Bishop’s Stortford join its existing apartment blocks in High Wycombe, Staines, Redhill, Whetstone and Mill Hill.