Full Version: Paper Mill Yard
Have been into Norwich this morning and drove down King Street past Paper mill Yard.I was suprised to see quite a few sold signs and reserved in the windows, in fact to many.I have some suspicions here that this might be a buiders/EA tactic and not what it seems.Surely at the prices they want for them no one is stupid enough to buy one.The other flats down the road is it Reed Mills seem to have ground to a halt. Any one have any thoughts on this.
Me and the wife drove passed the other night.
The football ground flats and the P M Yard looked like no more than 7-8 flats occupied.
Toast
When is booming you think not far but when you have choice they seem way out of the city like "city Heights" LOL
The football ground flats and the P M Yard looked like no more than 7-8 flats occupied.
Toast
When is booming you think not far but when you have choice they seem way out of the city like "city Heights" LOL
Have just been through Rightmove, and counted 54 properties for sale that are billed as Paper Mill Yard (although 3 different buildings - Blue Mill, Granary View & The old Mustard Factory) the cheapest being about £134k - but you're right - when you drive past, they all have sold stickies in the corner of the windows - none of them look like they have curtains or anything yet though.
Was trying to count how many were up for rent, but it's difficult to tell, as they're not quite as clear about where exactly the properties are - or is it that they're all still technically off plan, as the development isn't finished yet, and hence, not up for rent?
Read Mills - there are at least as many adverts on Rightmove for sale for Read Mills as there are for Paper Mill Yard - the difference being that the Read Mills ones are "enhanced" advertising - ie, they have a pale yellow colour to the advert to make them stand out a bit more - I think Read was started before Paper - they seem not to be doing so well at the moment.
Edit to add about Read mills
Was trying to count how many were up for rent, but it's difficult to tell, as they're not quite as clear about where exactly the properties are - or is it that they're all still technically off plan, as the development isn't finished yet, and hence, not up for rent?
Read Mills - there are at least as many adverts on Rightmove for sale for Read Mills as there are for Paper Mill Yard - the difference being that the Read Mills ones are "enhanced" advertising - ie, they have a pale yellow colour to the advert to make them stand out a bit more - I think Read was started before Paper - they seem not to be doing so well at the moment.
Edit to add about Read mills
I think that there was one 1 bedder @ Paper Mill for £129,950 IIRC.
Room sizes in these places are a little disappointing compared to my 1960s ex-LA flat.
Room sizes in these places are a little disappointing compared to my 1960s ex-LA flat.
I wonder if the flats in the 2004 built Morgan House block on Rouen Road are a better investment than Paper Mill or King Street? 2 bedders seem to be down to £148-150k now. Upsides are that you are closer to the shops offices and most of the other bars and clubs away from Riverside, the only real downside is a lack of a river view...but half of the flats in the other two developments get roadside views anyway. 
Have they stopped work on Read Mills? i noticed yesterday that nothing much has changed for a few weeks.
QUOTE (mr gambino @ Mar 23 2008, 07:01 AM) 
Have they stopped work on Read Mills? i noticed yesterday that nothing much has changed for a few weeks.
Hmmm not sure. It looks pretty much done externally from the road.
There are still a lot of forlorn buildings further along the river but I believe that they are still the property of Colmans.
My first post on this was in january,surely people would have started to have moved in by now, it all seems abit suspicious to me.Still the same amount of sold/reserved stickers, i am sure they just went round and slapped a load of them on at random.
Agreed, it does seem a bit odd, mr gambino. I think that if I was the developer, I would be cutting asking prices just to recoup the building costs. The longer they stand empty, the more interest that they will have to pay the lenders. 
Norwich City FC done a great job dumping all that land when they did. IIRC the club purchased a lot of this derelict land in the mid nineties for a pittance. The boom in prices since, probably saved the club from going into financial difficulties. As a fan, I'm grateful for this bubble!
I thought NCFC always owned that land? I certainly don't blame them at all for selling off the land when they did, it made perfect financial sense. All Bryant should do now is to cut the asking prices of the flats to a realistic level to allow people earning typically 'Norfolk' type wages to be able to afford to buy the flats.
I certainly don't blame them at all for selling off the land when they did, it made perfect financial sense. All Bryant should do now is to cut the asking prices of the flats to a realistic level to allow people earning typically 'Norfolk' type wages to be able to afford to buy the flats.
QUOTE (MattW @ Apr 6 2008, 09:56 AM)
I thought NCFC always owned that land? I certainly don't blame them at all for selling off the land when they did, it made perfect financial sense. All Bryant should do now is to cut the asking prices of the flats to a realistic level to allow people earning typically 'Norfolk' type wages to be able to afford to buy the flats.
I certainly don't blame them at all for selling off the land when they did, it made perfect financial sense. All Bryant should do now is to cut the asking prices of the flats to a realistic level to allow people earning typically 'Norfolk' type wages to be able to afford to buy the flats. Yeah, they had the car park behind the River End, but didn't the club purchased adjacent land along the river and behind the South Stand?
I am clueless as to why, but all the Paper Mill Yard prices on RM have increased. Below is one
example, but this is common across the range up to 250k+ properties.
Bizarre.
History
date event
7th Apr 2008 21:58:44
* Price changed: from 'From £160,000' to 'From £175,000'
17th Mar 2008 21:43:27
* Price found: From £160,000
* Title found: Blue Mill, Paper Mill Yard, King Street, Norwich
* Subtitle found: 1 bedroom flat
* Brief Description found: One Bedroom, One Bathroom - Open Plan Reception Room - One Secure Parking Space - Superior Specification - Images are Indicative Only
* Agent found: Savills New Homes
* Agents Location found: Norwich
* Agents Telephone found: 01603229229
* Status found: New home
^ very strange, scarlett. 
I think Savills are very vague with their asking prices. Does this refer to a specific plot I wonder, or has the £160k flat been sold? The mind boggles.
I think Savills are very vague with their asking prices. Does this refer to a specific plot I wonder, or has the £160k flat been sold? The mind boggles.
I've been watching this development too, as I pass every day. Selling like hot cakes they are not. The big ads outside are all about selling lifestyle. The superlatives are amusing too: "Stunning", "Prestigious", "Luxurious" etc etc. Should be "Ok", "Small", "Expensive". I looked at Savills website - plenty of them for sale still. Yes -prices are vague, but if you want 2 bedrooms, expect to pay at least 200k+. And let's not forget the maintenance charges which won't be cheap. Then you look at the prices for The Factory in Kerrison Road, which crank up the numbers still further. Funny how you can't seem to get the room dimensions and specs for these places though..... This part of the city has surely reached saturation point - but they're still building. It's a bubble - look at what happened in Ipswich....
QUOTE (chainfree @ Apr 8 2008, 10:35 PM)
Then you look at the prices for The Factory in Kerrison Road, which crank up the numbers still further. Funny how you can't seem to get the room dimensions and specs for these places though..... This part of the city has surely reached saturation point - but they're still building. It's a bubble - look at what happened in Ipswich....
Too right, chainfree.
The Kerrison Road flats start at about £190k AND they don't even seem to offer the river views as the other nearby developments. 
They appear to be 'double height' but thats still a lot of money to pay for a lot of unusable air.I tthink Norwich City Council should now consider stopping planning permission for flats and instead concentrate on building more 1-5 bedroomed freehold houses with some private outside space and parking.
Heading in the right direction:
Plot C306 down to £129,950
Interested to know what the ground rent & service charge is though.
Plot C306 down to £129,950
Interested to know what the ground rent & service charge is though.
Wondered if anyone has seen the proposals for the development of the Lawrence Scott site on Kerrison Road? According to a Green Party flyer put through my door, it's proposed to build: 403 student accomodation lets, 71 retirement flats, 202 penthouse and private flats, 24 sheltered housing units, and 562 other houses. Also included is a 14 storey tower block. So, a small town in other words. Apparently, ther is still time to send your views to City Hall Planning before the proposals are considered in May. I reckon the proposals are main aim is to set a new Guinness Book of Records record for the highest density living in the Western World. Makes Queens Hills look positively spacious.... and the shanty towns around Sao Paolo...
I have heard about the proposals, reading about them in the Evening News.
Is this the right location for further student accommodation? After all, Norwich City College is to the south of the city centre and the UEA is to the west. The 14 storey tower block is a mistake imho. Flats above the 4th storey are difficult and expensive to mortgage and so limits the appeal to potential buyers...especially now that BTL flats are now as unfashionable as owning a Gary Glitter LP.
I shall investigate the plans via City Council's Planning Public Access site...
Is this the right location for further student accommodation?
After all, Norwich City College is to the south of the city centre and the UEA is to the west. The 14 storey tower block is a mistake imho. Flats above the 4th storey are difficult and expensive to mortgage and so limits the appeal to potential buyers...especially now that BTL flats are now as unfashionable as owning a Gary Glitter LP.I shall investigate the plans via City Council's Planning Public Access site...
Did the weekly shopping run to morrisons yesterday, mrs g is getting worried about me and even mimics me as we trundle past paper mill yard."still no curtains" she says.
I believe RG Carters built these for an investment company, Carters as builders would have been paid but surely the millions invested in this and other developments is hurting as interest and repayments to banks add up.
I know that from working on new build building sites in surrey that at the moment you can negotiate with the developers,alot is down to timing to repay the banks.Heres the thing, try getting say 20 grand off and its hard work, but what they will do is give you that in incentives,curtains carpets and white goods,this is apparently not to upset the neighbours who paid full price 6 months ago!
Come on builders,cut your prices! think it was mattw who noticed an actual price increase on some flats, could this be the next dirty ploy, simply put up the price for 28 days,then SALE, this weekend 20% off!
if the ea`s are reading this i will take a 2 bed off you overlooking the river, with balcony for k50.
I believe RG Carters built these for an investment company, Carters as builders would have been paid but surely the millions invested in this and other developments is hurting as interest and repayments to banks add up.
I know that from working on new build building sites in surrey that at the moment you can negotiate with the developers,alot is down to timing to repay the banks.Heres the thing, try getting say 20 grand off and its hard work, but what they will do is give you that in incentives,curtains carpets and white goods,this is apparently not to upset the neighbours who paid full price 6 months ago!
Come on builders,cut your prices! think it was mattw who noticed an actual price increase on some flats, could this be the next dirty ploy, simply put up the price for 28 days,then SALE, this weekend 20% off!
if the ea`s are reading this i will take a 2 bed off you overlooking the river, with balcony for k50.
QUOTE (mr gambino @ Apr 20 2008, 08:10 AM)
Come on builders,cut your prices! think it was mattw who noticed an actual price increase on some flats, could this be the next dirty ploy, simply put up the price for 28 days,then SALE, this weekend 20% off!
if the ea`s are reading this i will take a 2 bed off you overlooking the river, with balcony for k50.
if the ea`s are reading this i will take a 2 bed off you overlooking the river, with balcony for k50.
I think you're right that they've put the prices up so it can look like a "sale" - if they do, then I guess it's a bit of a waiting game to find out if that's the new tactic - otherwise it isn't technically a "sale" (I seem to remember this about the DFS adverts, there was a whole TV prog about it). It's all such a sham at the moment... We know damn well that it'll still come up on the Land Registry as an extortionate price rather than the "Sale" price
However! If you're serious, and you think an EA might offer you one (maybe not today, maybe not tomorrow, but soon...), then they'd want to keep it quiet - in which case you need to get yourself taken off "newbie" status (there's an upgrade thread somewhere), and onto poster status so that they can PM you!!!
QUOTE (mr gambino @ Apr 20 2008, 08:10 AM)
if the ea`s are reading this i will take a 2 bed off you overlooking the river, with balcony for k50.
So will I as well! Cheers!
Ah ha ha!
Anyone fancy a 25% shared ownership in this 1 bedroom apartment?
http://www.rightmove.co.uk/viewdetails-193...51&tr_t=buy
.... full market value of £165,000 - if only
Anyone fancy a 25% shared ownership in this 1 bedroom apartment?
http://www.rightmove.co.uk/viewdetails-193...51&tr_t=buy
QUOTE
One Bed Apartments 25% shares are available for 41,250 based on a full market value of £165,000
.... full market value of £165,000 - if only
QUOTE (CATFLAP @ May 1 2008, 11:55 PM)
Ah ha ha!
Anyone fancy a 25% shared ownership in this 1 bedroom apartment?
http://www.rightmove.co.uk/viewdetails-193...51&tr_t=buy
.... full market value of £165,000 - if only
Anyone fancy a 25% shared ownership in this 1 bedroom apartment?
http://www.rightmove.co.uk/viewdetails-193...51&tr_t=buy
.... full market value of £165,000 - if only
FFS!
The sad thing is that Housing Associations seem very reluctant to lower their prices...even more so than sellers and EAs.
My 1st question to Circle Anglia would be: 'The lowest priced one bedroom flat in this complex is on the market for around £130k. How can you justify that this property's full market value is worth an extra £35k?' I also suspect that the Housing Associations have bought all the awkwardly located units in the complex that hadn't sold straight away beforehand. I seriously hope that this flat doesn't sell and no-one falls for the enticing £41,250 share.
Who on Earth wants to buy a quarter of a house these days?
My 1st question to Circle Anglia would be: 'The lowest priced one bedroom flat in this complex is on the market for around £130k. How can you justify that this property's full market value is worth an extra £35k?' I also suspect that the Housing Associations have bought all the awkwardly located units in the complex that hadn't sold straight away beforehand. I seriously hope that this flat doesn't sell and no-one falls for the enticing £41,250 share.
Who on Earth wants to buy a quarter of a house these days?
Oh no! two sets of curtains have gone up in Paper Mill.Could it be the builders again? you cant fool me Bryants !
QUOTE (mr gambino @ May 3 2008, 11:39 AM)
Oh no! two sets of curtains have gone up in Paper Mill.Could it be the builders again? you cant fool me Bryants !
Hopefully its a tenant who has negotiated a very low rental for it.
Drove past it tonight at half ten. Lights on and a window open. Squatters? or have they hired someone to pop in now and then? 
These flats are just so unattractive. Ground/first floor looks straight out to a brick wall; otherside of it the main road and all the benefits of 24/7 traffic. Nice flat blue exterior too -should age well!!
These flats are just so unattractive. Ground/first floor looks straight out to a brick wall; otherside of it the main road and all the benefits of 24/7 traffic. Nice flat blue exterior too -should age well!!
QUOTE (chainfree @ May 12 2008, 12:01 AM)
Drove past it tonight at half ten. Lights on and a window open. Squatters? or have they hired someone to pop in now and then? These flats are just so unattractive. Ground/first floor looks straight out to a brick wall; otherside of it the main road and all the benefits of 24/7 traffic. Nice flat blue exterior too -should age well!!
These flats are just so unattractive. Ground/first floor looks straight out to a brick wall; otherside of it the main road and all the benefits of 24/7 traffic. Nice flat blue exterior too -should age well!! That flat blue exterior is there for a reason - it's to justify the high annual maintenence charges - everyone has to pay the grand a year or whatever it is so someone can come along and slap a bit of Oxford Blue masonry paint on it every 10 years or so - obviously without removing the green mossy/mould stuff that's developed something of a nice "patina" on it... it's an expensive business you know?!
No doubt - grand a year maintenance plus a few hundred in ground rent! Architecturally, its rehab hostel meets Travelodge. And snooty Savills marketed it. Good grief.
QUOTE (chainfree @ May 12 2008, 11:38 PM)
Architecturally, its rehab hostel meets Travelodge.
That is a perfect description for it.Just had a look on the Savills website to see if I could find the annual fees - no joy there. Was rather surprised to see that a typical repayment on a Blue Mill (prices from £145,000 to £190,000) flat was only £498 when you go through Savills Private finace -that can't be an accurate portrayal surely?
To get a monthly repayment of that little, assuming a 145k flat, there must be some VERY big reductions/incentives - assuming a 25 yr mortage, at a not unkind rate of 6%, to get an interest only paymetn of that on the BBC mortgage calculator, the mortgage needs to be 98,000, and to get a repayment mortgage of that little, the mortgage would need to be about £76,000...
With so many factors involved you can make the monthly payments whatever you like. So why not say 498? Looks attractive (maybe)? That's before you bolt on another 120 or so a month for maint and ground rent.
Despite the "sold" and "reserved" stickers, they are clearly very very keen to shift these unloveable units. The forbidding ironmongery and "beware steep drop" signs on the walls plainly had to go, as probably not adding great "kerb appeal"...
Further up the road I see movement on the Canary View town houses or whatever its called now - one "let agreed" and another up for let. These replace "for sale" boards - so no "sold" then! Wonder what's going on....
Despite the "sold" and "reserved" stickers, they are clearly very very keen to shift these unloveable units. The forbidding ironmongery and "beware steep drop" signs on the walls plainly had to go, as probably not adding great "kerb appeal"...
Further up the road I see movement on the Canary View town houses or whatever its called now - one "let agreed" and another up for let. These replace "for sale" boards - so no "sold" then! Wonder what's going on....
QUOTE (chainfree @ Apr 16 2008, 12:29 AM)
Wondered if anyone has seen the proposals for the development of the Lawrence Scott site on Kerrison Road? According to a Green Party flyer put through my door, it's proposed to build: 403 student accomodation lets, 71 retirement flats, 202 penthouse and private flats, 24 sheltered housing units, and 562 other houses. Also included is a 14 storey tower block. So, a small town in other words. Apparently, ther is still time to send your views to City Hall Planning before the proposals are considered in May. I reckon the proposals are main aim is to set a new Guinness Book of Records record for the highest density living in the Western World. Makes Queens Hills look positively spacious.... and the shanty towns around Sao Paolo...
Not sure what they're on there.
It's in the middle of nowhere as far as getting to the UEA and city college is concerned, and it's even a fair bit away from the art school in the city centre!
It's like they don't realise that students generally WALK if they want to get somewhere, especially with the bus prices shooting up... 5 years ago they used to have run UEA buses for £1/ journey (which I loved since they were cheaper than getting a bus pass), but those are now gone. Hour and a half trek to the UEA isn't going to happen, students will houseshare in the golden triangle as usual.
Well, you might get a few of the richer students going there... mostly guys with cars who fancy a shag pad near the waterfront. It won't be very popular though.
Demented Tuna - Welcome!
You're right - 403 student properties won't be popular - as everyone else says, it's a stupid place to put student accommodation, but the 71 retirement flats and the 202 "penthouses" and private flats won't get as good a price if they're next to student digs... but at least it would be fairly quiet in the summer...
Chainfree - somethings up there - do you think the developers are having to let them out themselves just to get some revenue? The lack of "sold" boards is very odd - you'd think they'd be proud of their achievements!
You're right - 403 student properties won't be popular - as everyone else says, it's a stupid place to put student accommodation, but the 71 retirement flats and the 202 "penthouses" and private flats won't get as good a price if they're next to student digs... but at least it would be fairly quiet in the summer...
Chainfree - somethings up there - do you think the developers are having to let them out themselves just to get some revenue? The lack of "sold" boards is very odd - you'd think they'd be proud of their achievements!
I wonder if they will ever make a start on that plot of land to the right of the Canary View houses?
QUOTE (MattW @ May 14 2008, 08:29 AM)
I wonder if they will ever make a start on that plot of land to the right of the Canary View houses?
Not unless they can make money at the lower prices they wont.
QUOTE (waitingandsaving @ May 14 2008, 07:51 AM)
Demented Tuna - Welcome!
You're right - 403 student properties won't be popular - as everyone else says, it's a stupid place to put student accommodation, but the 71 retirement flats and the 202 "penthouses" and private flats won't get as good a price if they're next to student digs... but at least it would be fairly quiet in the summer...
Chainfree - somethings up there - do you think the developers are having to let them out themselves just to get some revenue? The lack of "sold" boards is very odd - you'd think they'd be proud of their achievements!
You're right - 403 student properties won't be popular - as everyone else says, it's a stupid place to put student accommodation, but the 71 retirement flats and the 202 "penthouses" and private flats won't get as good a price if they're next to student digs... but at least it would be fairly quiet in the summer...
Chainfree - somethings up there - do you think the developers are having to let them out themselves just to get some revenue? The lack of "sold" boards is very odd - you'd think they'd be proud of their achievements!
I think you are right - but if I remember correctly, the original developers went into administration, and these properties have been sold as a single lot at least once since. I reckon the current owners are maybe letting direct. The hoardings do give the impression that the plot to the right will be "phase two", but these places have been up for two or three years now (at an asking price of 230k originally then!)- so phase two is a long time coming! Its a real turkey of a site.
Mr W&S was in the petrol station yesterday morning, and overheard an advert on the radio.
He said it was about the riverside developments, with all the usual gubbins about prestigious, contemporary, riverside living etc. Anyway, the crux of the ad was, that seeing as they can't shift them, you can rent a flat, and your rent will eventually become the deposit to buy the place you're living in - it was through a lettings agency... not sure if this is Paper Mill, or another one, but guess it would tally up with someone having bought the lot, and now need a way to at least get them occupied, if not sold?
He said it was about the riverside developments, with all the usual gubbins about prestigious, contemporary, riverside living etc. Anyway, the crux of the ad was, that seeing as they can't shift them, you can rent a flat, and your rent will eventually become the deposit to buy the place you're living in - it was through a lettings agency... not sure if this is Paper Mill, or another one, but guess it would tally up with someone having bought the lot, and now need a way to at least get them occupied, if not sold?
QUOTE (waitingandsaving @ May 17 2008, 08:38 AM)
Mr W&S was in the petrol station yesterday morning, and overheard an advert on the radio.
He said it was about the riverside developments, with all the usual gubbins about prestigious, contemporary, riverside living etc. Anyway, the crux of the ad was, that seeing as they can't shift them, you can rent a flat, and your rent will eventually become the deposit to buy the place you're living in - it was through a lettings agency... not sure if this is Paper Mill, or another one, but guess it would tally up with someone having bought the lot, and now need a way to at least get them occupied, if not sold?
He said it was about the riverside developments, with all the usual gubbins about prestigious, contemporary, riverside living etc. Anyway, the crux of the ad was, that seeing as they can't shift them, you can rent a flat, and your rent will eventually become the deposit to buy the place you're living in - it was through a lettings agency... not sure if this is Paper Mill, or another one, but guess it would tally up with someone having bought the lot, and now need a way to at least get them occupied, if not sold?
I could be quite tempted if they are no more than £400 pcm + parking space.
Had a viewing at papermills a few days ago - estate agent let on that the landlord was desperate to rent and that she knew a lot of people who were in a similar situation. Unfortunately for them, there is such a large oversupply of similar properties on the market right now, I would be amazed if they could ever cover their initial mortgage costs. what was even more shocking, truth be told, was that the internal proportions of the flat we saw at Papermill made it practically uninhabitable - ie huge main living room, and 2 small single bedrooms without any storage space built in.
QUOTE (longisland @ May 17 2008, 04:18 PM)
Had a viewing at papermills a few days ago - estate agent let on that the landlord was desperate to rent and that she knew a lot of people who were in a similar situation. Unfortunately for them, there is such a large oversupply of similar properties on the market right now, I would be amazed if they could ever cover their initial mortgage costs. what was even more shocking, truth be told, was that the internal proportions of the flat we saw at Papermill made it practically uninhabitable - ie huge main living room, and 2 small single bedrooms without any storage space built in.
Fine if you want to relax surrounded by all your worldly possessions stacked up around your sofa and telly, then retire to an isolation cell to sleep.
Did developers/architects (sic) really think people would want to inhabit such places? More fool anyone buying into them.
QUOTE (chainfree @ May 17 2008, 06:23 PM)
Fine if you want to relax surrounded by all your worldly possessions stacked up around your sofa and telly, then retire to an isolation cell to sleep. Did developers/architects (sic) really think people would want to inhabit such places? More fool anyone buying into them.
Did developers/architects (sic) really think people would want to inhabit such places? More fool anyone buying into them. The lack of storage issue has also been covered byrentergirl
She says something like - 'Landlords expect you to arrive with nothing more than a bag on a stick' I think developers and architects should have a close look at 1930s onwards council housing as a guide. Despite their usual external ugliness, they have excellent room sizes and even built in cupboards. I also think that it should be mandatory for blocks of flats to be built with balconies. My mate pays a high service charge for his 1980s flat whereas mine is very low. I get a storage shed with my place but he doesn't. Lessons on how people live in flats need to be learned by the very people who are supposed to be designing them.
Tonight's Evening News Rental (and now auction...) supplement included a "news" article (bold my own emphasis):
I could imagine that there might be some deposit issues and things that could come up with this at the end of the first year. I also feel sorry for any poor young thing that gets sucked in by this cr@p.
Having said that, however, if you're going to rent, you've got to rent somewhere... and maybe by the end of the 1st year, the developers may have to be amenable to doing some deals - especially if the "gorgeous" apartments work out cheaper than todays price less rent/deposit already stumped up...
Does anyone know how many apartments there are in Paper Mill Yard? Seventy "reserved" for this fantastic opportunity sounds like an awful lot...
QUOTE
Scheme is best of both worlds
A new rental initiative has been launched by Norwich-based lettings agents Pure Lettings where you can pay rent towards a property at the luxurious Paper Mill Yard with the long term view of buying it.
Rent to Own enables you to pay rent on a (sic) apartment for a year, at the end of which the total amount you have paid acts as a deposit to buy it. If you do not want to buy, you can still carry on renting and you are not tied into any scheme, meaning if you want to leave the property altogether at the end of the year, you can.
Pure Lettings has teamed up with City Living Developments to offer the scheme at the moment just applicable to the waterside development Paper Mill Yard. Prices range from paying rent of £575 per calendar month to £1100, which at the end of the year can go towards a deposit to buy it at today's price. It is a concept that allows first time buyers, and those finding current mortgage lending criteria too severe, an opportunity to save while renting - as well as to secure their dream property at current market value.
"Seventy gorgeous apartments are being reserved for this offer." Said Lorraine Ismail, manager of Pure Lettings. "And even before advertising, some have already been taken. There is a definite demand for an alternative for people who for one reason or another have found it difficult to get on the property ladder.
"With the credit crunch threat arousing caution on bank lending, it's not easy for many people who can afford a monthly payment but are unable to get a mortgage.
"similarly, those who are apprehensive about the state of the economy are being offered breathing space to hold off on heavy mortgage payments for a year without feeling they are wasting money by renting. It really is the best of both worlds."
Samantha Kirk, of City Living Developments, the developers of Paper Mill Yard, said the apartments were something special. "No expense has been spared in creating them, from fully-fitted, state of the art kitchens, luxury hand crafted fixtures and fittings, artistic lighting and modern communication facilities - and the location is difficult to beat."
Paper Mill Yard, on Norwich's riverside is in walking distance of the city and close to the railway station.
A new rental initiative has been launched by Norwich-based lettings agents Pure Lettings where you can pay rent towards a property at the luxurious Paper Mill Yard with the long term view of buying it.
Rent to Own enables you to pay rent on a (sic) apartment for a year, at the end of which the total amount you have paid acts as a deposit to buy it. If you do not want to buy, you can still carry on renting and you are not tied into any scheme, meaning if you want to leave the property altogether at the end of the year, you can.
Pure Lettings has teamed up with City Living Developments to offer the scheme at the moment just applicable to the waterside development Paper Mill Yard. Prices range from paying rent of £575 per calendar month to £1100, which at the end of the year can go towards a deposit to buy it at today's price. It is a concept that allows first time buyers, and those finding current mortgage lending criteria too severe, an opportunity to save while renting - as well as to secure their dream property at current market value.
"Seventy gorgeous apartments are being reserved for this offer." Said Lorraine Ismail, manager of Pure Lettings. "And even before advertising, some have already been taken. There is a definite demand for an alternative for people who for one reason or another have found it difficult to get on the property ladder.
"With the credit crunch threat arousing caution on bank lending, it's not easy for many people who can afford a monthly payment but are unable to get a mortgage.
"similarly, those who are apprehensive about the state of the economy are being offered breathing space to hold off on heavy mortgage payments for a year without feeling they are wasting money by renting. It really is the best of both worlds."
Samantha Kirk, of City Living Developments, the developers of Paper Mill Yard, said the apartments were something special. "No expense has been spared in creating them, from fully-fitted, state of the art kitchens, luxury hand crafted fixtures and fittings, artistic lighting and modern communication facilities - and the location is difficult to beat."
Paper Mill Yard, on Norwich's riverside is in walking distance of the city and close to the railway station.
I could imagine that there might be some deposit issues and things that could come up with this at the end of the first year. I also feel sorry for any poor young thing that gets sucked in by this cr@p.
Having said that, however, if you're going to rent, you've got to rent somewhere... and maybe by the end of the 1st year, the developers may have to be amenable to doing some deals - especially if the "gorgeous" apartments work out cheaper than todays price less rent/deposit already stumped up...
Does anyone know how many apartments there are in Paper Mill Yard? Seventy "reserved" for this fantastic opportunity sounds like an awful lot...
There are a LOT of apartments. It stretches all the way down to the river. The renovated part of the original industrial building could have looked attractive and dignified, but the developers have smothered it. It sits squashed under the new cheap and nasty, totally inappropriate build. Sadly, a piece of the old Port of Norwich which could have been made into something worthwhile, has instead been made into an objectionable collection of horrid little boxes with an incomprehensible rotunda like object plonked on top.
These "deals" smack of sheer desperation. Things MUST be bad!!!
These "deals" smack of sheer desperation. Things MUST be bad!!!
An interesting idea, the rents with it going towards a deposit. I still think £400 p c m is closer to the mark for the 1 bed flats... 
A case of "for Gods sake let's get somebody living there quick to make it look occupied". Someone got creative, and it might just tempt a few. If the two units fronting Carrow Road with curtains up really are genuinely occupied - it sure must be lonely there !
QUOTE (chainfree @ May 20 2008, 10:36 PM)
A case of "for Gods sake let's get somebody living there quick to make it look occupied". Someone got creative, and it might just tempt a few. If the two units fronting Carrow Road with curtains up really are genuinely occupied - it sure must be lonely there !
So after a year you can buy the flat you have just rented of us at a price we dictate,so we add on the discount you think you are getting,namely the first years rent and BINGO!
Surely no one is stupid enough to fall for this.
Driven past Paper Mache Yard this evening and spotted new killer tactic by EA to sell......... black and red balloons tied to the lamp posts. Wonder how many people will think "wow - they've got black and red balloons tied to the lamp posts - heck, I'm just gonna have to buy one of those flats now dammit"
(Maybe this belongs on the new Ea tactics thread?)
(Maybe this belongs on the new Ea tactics thread?)
Drove past last Saturday - there were a couple of windows with curtains and spider plants on the sills - so someone's in there - might be a bit quiet in that big development all on their own!]
Red and black balloons hey? Classy...Tasteful... That'll get the wannabe Footballers Wives to pay up for a pad by the grounds for sure....
Although in no time at all they'll just be limp little bits of rubber straggling off the lamp post they're tied to - like the developer's dreams bubbles, all burst and ripped to shreds.
Red and black balloons hey? Classy...Tasteful... That'll get the wannabe Footballers Wives to pay up for a pad by the grounds for sure....
Although in no time at all they'll just be limp little bits of rubber straggling off the lamp post they're tied to - like the developer's dreams bubbles, all burst and ripped to shreds.
I do hope so! The red and black seems an odd choice of colour too - rather sombre but with a hint of boudoir or something like like that. Maybe Greed Mills or Riverside Blights will up the ante with some kind of dirigible tied to them....
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