Jump to content
House Price Crash Forum
Sign in to follow this  
SarahBell

Tallest In Manchester All Sold Out

Recommended Posts

http://www.emporis.com/en/wm/bu/?id=190363

The Beetham Tower's just been on day time bbc local news

24 floors of residential of 219 flats all sold out.

23 floors of hotel underneath it.

http://news.ft.com/cms/s/a73cf0f4-57c6-11d...000e25118c.html

Manchester, work on the 47-storey Beetham Tower began earlier this year. All 219 apartments have been sold, even though buyers

Can't see the rest of the article though - that snippet is off the google news search.

This is an insane development. Tallest residential block in europe apparently.

Share this post


Link to post
Share on other sites

i've no complaints against this kind of development just the prices........these inner city dodgy area new build places are just too expensive vis a vis conventional family homes in the suburbs...

RightFredsDead before he disappeared was always going on about the cranes in Central Manchester and Bradley Walsh sipping lattes........Bringing life into manchester centre is not a bad thing....but the people buying in at these prices will get burnt.....once the ''trendy'' premium (50%) falls away and people see what bad value inner city new build actually is.............Even TTRTR . LL , Dogbox and the gang would concur....

Edited by Michael

Share this post


Link to post
Share on other sites

They've presumably been sold for some time

http://news.bbc.co.uk/1/hi/magazine/3490580.stm

With work starting on Manchester's new Beetham tower, two-bedroom flats are already selling for £700,000 - seven times the price of an average home in the city. It won't do much to ease the problems of first time buyers or low income earners

http://www.thebeethamorganization.com/

they have a web cam of it being built.

Share this post


Link to post
Share on other sites

http://www.emporis.com/en/wm/bu/?id=190363

The Beetham Tower's just been on day time bbc local news

24 floors of residential of 219 flats all sold out.

23 floors of hotel underneath it.

http://news.ft.com/cms/s/a73cf0f4-57c6-11d...000e25118c.html

Manchester, work on the 47-storey Beetham Tower began earlier this year. All 219 apartments have been sold, even though buyers

Can't see the rest of the article though - that snippet is off the google news search.

This is an insane development. Tallest residential block in europe apparently.

Beetham`s first tower was in L`pool, all sold but only 40% occupied, been finished 3 years now. A 2 bed flat sold at auction recently for 170K, roughly what was paid for it nearly three years ago.

Beetham 2 in Manchester is impressive most of the units are reserved, some buying clubs, some O/Os, but mostly btl and flippers

Share this post


Link to post
Share on other sites

They've presumably been sold for some time

http://news.bbc.co.uk/1/hi/magazine/3490580.stm

With work starting on Manchester's new Beetham tower, two-bedroom flats are already selling for £700,000 - seven times the price of an average home in the city. It won't do much to ease the problems of first time buyers or low income earners

http://www.thebeethamorganization.com/

they have a web cam of it being built.

I've got a birds eye of the monstrosity from my balcony. Its shot up at a hell of a rate. Phil neville has bought one of the penthouses apparently, about £1m. Below will be the hilton...Im surprised Apollo 66 (under a different name) hasnt popped up to comment here 'the indefatigueability of the North West' etc etc

Where is RFD? This place needs its comedy injection.

Beetham`s first tower was in L`pool, all sold but only 40% occupied, been finished 3 years now. A 2 bed flat sold at auction recently for 170K, roughly what was paid for it nearly three years ago.

Beetham 2 in Manchester is impressive most of the units are reserved, some buying clubs, some O/Os, but mostly btl and flippers

I would agree that a lot of the places taken would be flippers, at this point. It could be a similar situation to Deansgate no.1.

Share this post


Link to post
Share on other sites

Did it say 'text removed by moderators' or did it just vanish?

no, just totally vanished!...........not the above one though.......others previously

Share this post


Link to post
Share on other sites

Are you sure you didn't accidentally post it somewhere else? or hit the back button?

Was it very rude about rfd or the mods or something?

No, i've only ever been rude to one person...........BBB

Share this post


Link to post
Share on other sites

http://www.emporis.com/en/wm/bu/?id=190363

The Beetham Tower's just been on day time bbc local news

24 floors of residential of 219 flats all sold out.

The one in Birmingham has been exhibiting a weird death wish, not content with just slaughtering people financially there has been a few slip ups akin to the quality control used in 1960's system built towers.

Possessed, soon to be repossessed.

Share this post


Link to post
Share on other sites

dont mention rfd?..........i did and my post was removed within minutes!......odd, isn't it?

Some clarification.

The posts were removed because the content was reference to an infringement of an individual`s privacy.

RFD has since apologised.

The post was also irrelevant to the thread`s subject and a PM to the Moderator would have been more appropriate.

Share this post


Link to post
Share on other sites

no, just totally vanished!...........not the above one though.......others previously

hmmmm, reason I asked was because a similar thing happened to me (although I wasnt completely sure, as it was the weekend and I'd had a few too many 'frosty broths'

edit:

Judging by the above response, maybe I was too drunk. Didnt know Grolsch made you paranoid...

Edited by bob monkhouse

Share this post


Link to post
Share on other sites

The development in question is a landmark project in Manchester and will attract investors because of its quirk value alone. However, its the 12-15000 other flats in and around Manchester city centre over the next 12-18 months which will be interesting.

If people are looking for anecdotal evidence of a downturn it would be more practical to look at the wider picture. Lots of developments are begining to offer buyer incentives. Plenty of choice for the buyer will ultimately drive down prices.

I have worked on a great many in manchester and I am convinced there will be total oversupply.

Share this post


Link to post
Share on other sites
Guest

If anyone's in the trade - How much "crash" could builders absorb before making a loss? My guess is quite a hefty chunk. Particularly for multi-storeys.

Share this post


Link to post
Share on other sites

The development in question is a landmark project in Manchester and will attract investors because of its quirk value alone. However, its the 12-15000 other flats in and around Manchester city centre over the next 12-18 months which will be interesting.

If people are looking for anecdotal evidence of a downturn it would be more practical to look at the wider picture. Lots of developments are begining to offer buyer incentives. Plenty of choice for the buyer will ultimately drive down prices.

I have worked on a great many in manchester and I am convinced there will be total oversupply.

Yup, Ancoats springs to mind. The amount of empty flats new build is scary. A lot of the amatuer investors have bought them on the basis of a presumption of real capital appreciation (ad infinitum). No matter if they aint producing a yeild, they'll double in value etc etc. Lots of flippers in manchester too, I know quite a few who have made a packet out of it over the last few years, again the presumption that these conditions will remain...why? Because they were'nt around when the last crash occurred.

Share this post


Link to post
Share on other sites
Guest Bart of Darkness

Skyscrapers that point to trouble

http://www.thisismoney.co.uk/news/columnis...&in_author_id=4

Interesting article by Anthony Hilton, in the Standard, pointing to a report by Lehman Brothers which argues that attempts to build the world tallest building after come before recession. He seems to think it maybe different to London because some of the new builds are residential property.

Am I right in thinking he is quite bullish on housing?

All these tower developments remind me of another thread by catandcrow

http://www.housepricecrash.co.uk/forum/ind...wtopic=12807&hl

The theory being that these types of ultra tall buildings are planned during the peak of a boom and built in the last phase before it all goes pear shaped.

When an organisation constructs opulent headquarters this is a sure-fire sign that it is in serious decline. A growing organisation will work from shabby, untidy premises until, past its peak, it goes for the grand gesture. Not sure if this is universally true, but still interesting and plenty of examples around.

I see that here in Sheffield, the on/off saga of City Lofts is back on again.

http://www.skyscrapernews.com/images.php?s...Tower+Interview

What is known is that the council have selected the plot that the Arundel Gate tower is on as being suitable for a tall building in their master-plan of the area and that the vast amount of public criticism came from fears that the beloved Winter Gardens would be deprived of sunlight to such an extent that it would lead to some of the rare tropical plants on display being endangered in the very environment they are supposed to be safe.

Master plan my ars*! The council here couldn't plan for night to follow day.

Share this post


Link to post
Share on other sites

If anyone's in the trade - How much "crash" could builders absorb before making a loss? My guess is quite a hefty chunk. Particularly for multi-storeys.

Common misconception. 'Builders' and 'Developers' are not the same thing. When most people think of builders they think of Barrat or Persimmon. These 'builders' will only ever construct traditional housing because its simple. When the building becomes large like a block of apartments they tender out the work (usually on a design and build basis to offset their own risk) to contactors such as Mowlem, Amec, Laing O'Rourke etc etc.

The fundamental difference is that a developer may expect a minimum return of 25-40% whereas the contractor will work on a net profit of less than 3% (usually ends up as 1% at best).

In the event of a slump developers will simply sit on the cash & assets they have until the time comes to buy land again at sensible prices. Most major house builders have a land bank but may wait for an opportune time to develop it. The construction industry as a whole does not make big money and is severely affected by a downturn in activity as it relies on cash turn over. Hence, when activity stops as it did in the early 90's - big redundancies and pain.

Thats why I'm banking all I can in the next 18 months - cos its gonna slow considerably.

Share this post


Link to post
Share on other sites
The construction industry as a whole does not make big money and is severely affected by a downturn in activity as it relies on cash turn over. Hence, when activity stops as it did in the early 90's - big redundancies and pain.

Indeed. Some of my relatives in construction were out of work for a long time after the last crash: obviously they've been doing well in this boom, but may not be for much longer.

Share this post


Link to post
Share on other sites

Common misconception. 'Builders' and 'Developers' are not the same thing. When most people think of builders they think of Barrat or Persimmon. These 'builders' will only ever construct traditional housing because its simple. When the building becomes large like a block of apartments they tender out the work (usually on a design and build basis to offset their own risk) to contactors such as Mowlem, Amec, Laing O'Rourke etc etc.

The fundamental difference is that a developer may expect a minimum return of 25-40% whereas the contractor will work on a net profit of less than 3% (usually ends up as 1% at best).

In the event of a slump developers will simply sit on the cash & assets they have until the time comes to buy land again at sensible prices. Most major house builders have a land bank but may wait for an opportune time to develop it. The construction industry as a whole does not make big money and is severely affected by a downturn in activity as it relies on cash turn over. Hence, when activity stops as it did in the early 90's - big redundancies and pain.

Thats why I'm banking all I can in the next 18 months - cos its gonna slow considerably.

Very true. Maybe make the switch from private to public to weather the storm. Not sure how this slow down will affect people like myself, who work in the area.

Share this post


Link to post
Share on other sites
Guest

Common misconception. 'Builders' and 'Developers' are not the same thing.

The construction industry as a whole does not make big money and is severely affected by a downturn in activity as it relies on cash turn over. Hence, when activity stops as it did in the early 90's - big redundancies and pain.

Thats why I'm banking all I can in the next 18 months - cos its gonna slow considerably.

Thanks for the clarification Brian. As you may have guessed, I'm not in the industry, this was just a hunch about why the amount of apartment construction I see in Manchester is certainly very bullish right now, despite the conflicting bearish news!

All the best to you, anyhow.

Edited by megaflop

Share this post


Link to post
Share on other sites

Scottish housebuilder Cala reported its profits earlier this week. They did quite well. Interesting bit for me was that they attributed this to having reduced their build of appartments 'which are clearly in oversupply' in favour of more traditional houses.

Oh I wish I had a penthouse by the dock....

Share this post


Link to post
Share on other sites

Scottish housebuilder Cala reported its profits earlier this week. They did quite well. Interesting bit for me was that they attributed this to having reduced their build of appartments 'which are clearly in oversupply' in favour of more traditional houses.

Oh I wish I had a penthouse by the dock....

(off topic I know - but are you named after the pub in Edinburgh? - & is it still really nice in the evening but has strippers at lunch time?)

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.