Salford Quays Homes Boom - After Block Sells Out In Just A Month To Btl Dreamers

[enrieb]

A comedy/advert from the Manchester Evening News.

What sort of luxury does an apartment have at £97,000. Also Ordsal is not part of Salford quays/media city, it's next to it, but I expect the BTL investors have never been to manchester/england.

http://www.manchestereveningnews.co.uk/news/greater-manchester-news/sixty-apartments-plan-salford-quays-7366715

One and two bedroom homes to be built for the buy-to-let market after investors snap up 120 other new flats near MediaCityUK

Sixty luxury apartments still under construction at Salford Quays have all been snapped up in a month - and demand is so great that another 60 are being built nearby.

The stylish homes, which start at £97,500 for a single bed flat, are on Trafford Road, near to Fit City Ordsall sports centre.

All the apartments are targeted at the buy-to-let market.

The properties proved so popular that the first of three phases sold out after 10 months on the market - and the second phase, currently being constructed, went in just four weeks.

Now the developer has announced plans to build the third phase - consisting of another 60 apartments nearby as demand is so high.

[Wurzel Of Highbridge]

Hmm Supply and demand.

Demand from investors + Supply of shite = Caused by interest rates being held too low.

No bubble here.

[bonse]

are there a glut of unsold flats in manchester. if there are why have these ones gone so quickly. do the buyers think they will be renting to the only 3 bbc employees who have decided to move here.

[EmmaRoid #FBPE#JC4PM#GTTO]

Manchester believes the hype.

There was a part complete development that covered a steel/concrete skeleton with a canvas poster for years to look complete next to its actually completed sibling block not far from here but technically Castlefield. It is now being finished.

Edited July 4, 2014 by 7 Year Itch

[Venger]

Manchester believes the hype.

There was a part complete development that covered a steel/concrete skeleton with a canvas poster for years to look complete next to its actually completed sibling block not far from here but technically Castlefield. It is now being finished.

I remember that place, or a similar one. Potato Wharf - down the cobbled road cut through. http://www.dailymail.co.uk/news/article-1320921/Developers-erect-fake-building-overnight-Potato-Wharf-Manchester-recession-halts-block-construction.html

Some of the apartments in Manchester City Centre confuse me, as they don't appear overly bad value - vs - other locations. Then I contrast issues of raising family in such a place, school options. Perhaps it should be where older people downsize to, some of these apartments. Notice there is what appears to be repos still taking place, up on RM.

No comment on that new development though.

[Andy T]

Ordsall - home of Ordsall Hall which is a magnificent building (worth a visit), which they surrounded with local authority flats/maisonettes and industrial buildings, its not a nice spot.

A friend once rented a flat on the other side of the Quays which claimed to be Salford Quays but was actually more like Eccles, again touted as being 'Luxury' but then fancy looking bathroom fittings are cheap as chips these days. Only had electric heating, no gas! Sort of had a distant view of the Quays...until they built the next phase which blocked the view of anything completely. They were pretty much all BTL, some dodgy neighbours, had a bad feel about the place when visiting, hardly a luxury existence.

[Bootsox]

What knackers up this type of development, from an investors point of view, is the relatively short leases and the unregulated service charges.

The two bed flat is a bit of a commodity but, depending on location, I think they are great places to rent but heaven forbid that you would actually want to "own" one.