Cordea Savills, the fund management arm of the Savills property services group, has set up a fund which will trade in land.The serviced land investment fund, which has a 25,000 minimum investment, will be more volatile than the firm’s existing Diverse fund and will aim for returns in excess of 15 per cent a year. Big tracts of land will be bought and will be split into smaller plots of between three and 10 acres. Enhancements will be made such as obtaining planning permission, putting in drainage systems, gas, electricity and phone lines before the plots are sold to developers at a premium. Cordea Savills believes this is a good time to trade land because the housing market is slowing so developers are less willing to hold big plots of undeveloped land. There is also a shortage of new homes, particularly single-occupier properties and starter homes, which means developers will need to build at a faster rate to meet demand.
Do funds of funds work? Yes (is the short answer).
Legal & General has been appointed to Park Row’s mortgage protection panel, bringing the total number of product providers on the panel to 12. L&G previously missed out on gaining a place due to concerns from Park Row on its service proposition that have since been rectified.
Skandia has posted 19 per cent growth in sales in the first six months of this year with a business total of 310m. This brings its assets under management to a nw high of 23bn. The company achieved 43 per cent growth last year.
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