New company buys high-spec 'residence' in Bedford

Building in Lurke Street has 37 apartments

Tuesday, 7th July 2020, 1:32 pm
Updated Tuesday, 7th July 2020, 1:35 pm

The Pinnacle Residential Fund has bought its first market rent asset, with help from Secure Trust Bank Real Estate Finance (STB REF).

The newly-formed residential property fund secured a £4.2million loan to buy the building in Lurke Street, Bedford.

Comprising 37 one, two and three-bed apartments, it's called The Residence.

The Residence in Lurke Street, Bedford

Chris Turnbull, managing director of Pinnacle Investments, said: “The Residence is newly finished to a high specification.

“We didn’t anticipate completing our first acquisition during a national lockdown, but with the help of Secure Trust Bank Real Estate Finance we were able to get the deal over the line.”

James Conolly, London-based relationship director for STB REF, said: “It has been great working with Chris and his team to help Pinnacle achieve this landmark first acquisition. We look forward to working with the fund as it seeks to build its portfolio.”