Specialist Investment Properties has acquired a newly refurbished residential development in Northamptonshire, consisting of 13 apartments and a single house to be used to supply short-term accommodation for local authorities to enable them to meet their housing obligations. The development has been acquired by EA Capital Limited, a subsidiary of SIPP, a joint venture company which is owned 75% by SIPP and the remaining 25% by three minority interest partners being Marc Goodkind, via Thorsden Development Limited, Lester Leviton, via Quadelle Limited, and Bradley Leviton, via Sadie Lou Limited.

EA Capital has entered into a property management agreement with Centennial Properties Limited, a company owned by two of the EA Capital joint venture partners Marc Goodkind and Lester Leviton.

Under the terms of the property management agreement, Centennial will manage the development and let the properties to local authorities for a daily rental rate.

Centennial will receive a management fee from EA Capital equivalent to 10 per cent. of rental income received. As the properties will be used by local authorities to place people requiring short-term accommodation, EA Capital will be making short-term arrangements rather than entering into a medium or longer term lease agreement for the development.

At 2:53pm: (LON:SIPP) Specialist Investment Properties Plc formerly Hotel Corp share price was 0p at 20p