FTADVISOR.COM - Naomi Heaton, chief executive for LCP, said the London Central
Apartments fund would appeal to some of the more wealthy clients, both
domestic and overseas investors, who are looking to invest in property
in the capital. (source)
She said: "The world's super-rich are viewing prime London
residential property the same way as they do gold and there is a limited
supply of both.
"Even taking into account the effect of the credit crisis, prices in
this tiny six-square mile area have risen by an average of 8.2 per cent
each year over the past 15 years. Rental yields run at approximately 4.5
per cent a year.
"Our new fund will offer institutional and private investors access
to a professionally managed and diversified portfolio in all of the
recognised postcodes."
She added that, at a time when people are struggling to invest their
pension pots, one of the main draws of the fund is that it is eligible
for self-invested personal pension funds, as well as Isas.
Gains from the fund will be taxed as capital gains tax. For non-doms there should be no tax at all.
The minimum investment is £50,000 or less, subject to the individual
investor's suitability. The fund is a closed-ended fund with a five-year
term and two yearly options to extend this.
Jason Witcombe, financial planner for London-based Evolve Financial
Planning, said: "There are dozens of new products launched every day and
they all sound appealing on the face of it.
"This is not something we would research for our clients, but I am sure other advisers could find it useful for theirs."
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