"With rental yields at 9 assured for two years and for a limited time, it is recommended that investors move quickly to avoid disappointment."
Manchester is the beacon of the Northern Powerhouse initiative and its economy is simply going from strength to strength with the result that not only are many of the locally-born young adults staying in the city to further their careers, but young adults are heading to Manchester from other parts of the UK and even from further afield.
Some come as students and stay as young adults, others arrive as young adult workers. These young adults often want to be in the city centre, where the heart of the action is and while their homes may be important to them, today’s millennials are all about experiences rather than possessions and often have a preference for smaller spaces as being easier to maintain. Bringing all this together makes it easy to see why Manchester is experiencing particularly high demand for compact, city-centre properties.
Sensitive conversions combine the appeal of history with the appeal of modernity
When older buildings are structurally sound, but falling below modern expectations, sensitive conversions can preserve the features which can make older buildings so attractive to look at, while adding the features which make newer buildings so attractive to live in.
The Caxton Hall conversion will retain all of the period features of this early 20th century commercial building, thus adding a high degree of visual appeal to each of the 23 boutique studio apartments it will contain upon completion (estimated to be quarter four 2018). This will be enhanced through the use of high-quality fixtures and fittings. Each apartment will be 23 square metres in size (which is approximately 250 square feet), thus striking the perfect balance between providing ample space for living (including entertaining and working) and low-maintenance compactness.
The attraction of affordability
Part of the reason why millennials often like to “live big in a small space”, especially when they are young adults, is because they well understand that smaller homes can be priced more attractively than larger ones, which means that they can spend less of their income on a mortgage or rent and hence have more of it free for other purposes, whether that’s life experiences such as travel or simply saving for when they are ready to settle down and start a family.
The apartments at Caxton Hall will be priced at just £112,500 which means that buy-to-let investors can keep rents attractively low while still achieving good yields. It also means that residential buyers will find it less of a challenge to get a mortgage. Units are now available for purchase and as supply is very limited, interested parties are encouraged to act as quickly as possible to secure their property with a reservation fee of just £2,500. Advance purchases will require 50% of the purchase price to be paid upon exchange with the remainder payable upon completion.
For more information on Caxton Hall or property investment in Manchester, please contact Hopwood House.