"salford Quays Apartments | Uk Investment | 6% Assured Net Returns" ... Shurley Shum Mishtake?

[jfk]

Flag waving email I've just received ...

Market Leaders in Worldwide Property Investment
+44 (0)161 772 1370
Salford Quays' latest luxury development Prices from £102,500

• Assured NET rental returns of 6%
• 5 minutes from MediaCityUK
• Manchester city views

• 1 and 2-bed apartments available
• Furniture packages available
• 5 minutes away from tram stop

Investment overview Financial Breakdown

Purchase and Payment Plan Next steps

To reserve: £5,000
On exchange of contract: £28,750
6 months from start of works: £33,750
On completion: £67,500

Completion expected: Q1 2016

Click for more details »

All figures are based on forecasts provided by the developer, are indicative only and are subject to change. Any financial information provided in this document is intended as a guide and does not constitute a contract.

[Wurzel Of Highbridge]

+ Voids

+ Maintance

+ Letting agents fees

+ Time & Effort involved in running the business

+ Advertising

+ Insurance

etc..

[The Knimbies who say No]

Yes, the figures don't add up.

Given that 2 bed flats in Salford Quays start at £600/month asking rent, the nearly £900/month net used in the investment blurb looks totally unrealistic in any case.

Knock the achievable rent down to £7,200 and get the sums right with the rest of the costs and you're looking at a net of £3,800 per annum, if the £140k price in this listing is accurate then we're into sheeple BTL 2.7% net yield territory.

http://www.rightmove.co.uk/property-for-sale/property-29048838.html

The listing says the 6% net yields are guaranteed for the first year, which I guess is nothing more than a slight cashback on an inflated asking price.

[@contradevian]

I got this too. I think nethouseprices.co.uk are doing the spamming

[19 year mortgage 8itch]

Yes, the figures don't add up.

Given that 2 bed flats in Salford Quays start at £600/month asking rent, the nearly £900/month net used in the investment blurb looks totally unrealistic in any case.

Knock the achievable rent down to £7,200 and get the sums right with the rest of the costs and you're looking at a net of £3,800 per annum, if the £140k price in this listing is accurate then we're into sheeple BTL 2.7% net yield territory.

http://www.rightmove.co.uk/property-for-sale/property-29048838.html

The listing says the 6% net yields are guaranteed for the first year, which I guess is nothing more than a slight cashback on an inflated asking price.

Yes, I'll look at the detail after but quite simply, £135,000 flats do not rent for £875pm in my experience.

It must be a guaranteed rent scam for a period then the rental market will bitch slap you.

Edited October 14, 2014 by 8 year itch

[19 year mortgage 8itch]

Only 25 2-bed flats available for under £900pm at the moment. Some of them are actually part of the quays.

What's another 100 flats between friends?

[The Knimbies who say No]

Only 25 2-bed flats available for under £900pm at the moment. Some of them are actually part of the quays.

What's another 100 flats between friends?

The pulled RM listing says the yield is guaranteed for 1 year. And I guess the year will expire in unison for many of these places. I don't know how it works, does an investor get a tenant paying a market rate (far below that required for the 6% net) which is then topped up by the developer for the year, or does the investor leave it empty and just get a cheque for the full whack instead? Either way, it's not very attractive.

[thevaliant]

+ Voids

+ Maintance

+ Letting agents fees

+ Time & Effort involved in running the business

+ Advertising

+ Insurance

etc..

All the above, plus:

Maintenance and management fees WILL go up after year 1 (trust me), probably nearly double.

Rent achieved will not be £875 per month, certainly not for 1 bed flats.

[TheCountOfNowhere]

http://idioms.thefreedictionary.com/too+good+to+be+true

[Grandmasterspank]

I registered this morning and have been getting missed calls. Answered just now and got a scripted sales call from some bird in Manchester. Quick call back!

She sent the following:

-----------------------

Hi xxx,

As requested, please see below further information on X1 The Exchange in Salford Quays that you enquired about through Net House Prices.

This is a fully managed investment and this one has an equal balance of both a solid rental return and capital appreciation. With the amount of building and developing going on in this area, I think this is an all-rounder investment property.

Location is key and the site is opposite Salford Quays tram stop, walking distance to MediaCityUK the BBC’s base and ITV studios. Perfect rentals for tenants working in Salford Quays or the city centre of Manchester.

If you click on the following hyperlink http://www.knightknox.com/brochures/uk/kkix1theexchange.pdf it will take you to the online brochure where you can find further information. You can also see our full investment portfolio by looking at our website: www.knightknox.com/uk

I will give you a call tomorrow after 5 and I look forward to your feedback.

Many Thanks,

Stacey

0161 772 1370

X1 The Exchange, Salford Quays

1 Year Rental Assurance at 6% Net

• 1 Year Rental Assurance at 6% Net!

• Brand New Construction

• 133 Luxury 1 & 2 Bedroom Apartments

• Secure Parking on selected apartments

• Quay & Manchester City Views

• 10 Storey Development

• Superb Location – Opposite Salford Quays Tram Stop

• Proven developer

X1 Exchange, Manchester – Overview

These apartments are superbly located in the heart of the BBC’S new operation in Salford Quays – MediaCityUK, we also have ITV building their studios here and numerous more retail and commercial space being built as part of MediaCity phase 2. These apartments are perfect for the Salford Quays workforce and nicely located opposite Salford Quays tram stop where the centre of Manchester is just a 10 minute tram or drive away for any tenant not wanting to pay city centre premium rents.

The BBC's ongoing move to Salford has fuelled a massive property boom in the northern town, with house prices rising four times quicker than elsewhere in the country. A total of 2,300 BBC staff are expected to have moved to the town just outside Manchester, with many relocating from London.

The average home increased by up to 6.8% - the largest price increase in any part of Britain outside the capital. Elsewhere in the North-West, the average house price fell 3.5 per cent, adding to the evidence that the Salford property market has been buoyed by the arrival of the BBC at the MediaCityUK complex.

Further Information about this investment can be found in our comprehensive brochure which I have attached for you.

X1 Exchange, Manchester – Location

Metro (Tram Stops)

Salford Quays – 1 minute walking distance

Distances

Manchester City Centre – 2 miles / 7 minute drive / 10 minute tram journey

The Lowry Outlet Mall – 0.6 miles / 8 minute walking distance

MediaCityUK - Home to the BBC – 0.8 miles / 10 minute walk

ITV New Studios – 1 mile / 15 minute walk

Old Trafford (Manchester United FC) – 1 mile / 10 minute walking distance

Manchester Piccadilly Train Station – 2.9 miles / 10 minute drive / 15 minute tram journey

Manchester Airport – 9.6 miles / 17 minute drive

X1 The Exchange/ X1 Lettings

X1 The Exchange will be managed by X1 Lettings, who also manage all of the below sites. They are an excellent company and all of these sites are 100% occupied. For further information about them, please have a look at their website: www.x1lettings.com

They are very proactive in terms of advertisement and they are a very efficient team. I appreciate that this is a residential property, but below are some images from their twitter feed taken a few weeks ago when students were moving into the recently completed X1 Chapel Street which is a student only property.

Kind Regards,

Stacey Andrews

Property Consultant

Knight Knox International

Tel: +44 (0)161 772 1370

Fax: +44 (0)161 241 5360

Mobile: +44 (0)7891 373 179

Email: stacey@knightknox.com

Knight Knox International - Market Leaders in Worldwide Property Investment

Watch our corporate video

Any opinion or advice contained in this

email is subject to our terms of business.

Knight Knox International Limited is a company registered in England and Wales.

Registered number: 5236745. Registered address: Fifth Floor,

Quay West at MediaCityUK, Trafford Wharf Road, Manchester M17 1HH.

[Andy T]

There was a thread on here not so long ago about new apartments there, not had time to check but think it's the same ones- basically the sh**ty side of the Quays, it's pretty awful.

[pipllman]

As it is only a 1 year guarantee, you could regard it is a discount on the sale price of £8,013

they might not even get you a tenant, just pay you the money

at the end of year 1, you are on your own

[Executive Sadman]

As it is only a 1 year guarantee, you could regard it is a discount on the sale price of £8,013

they might not even get you a tenant, just pay you the money

at the end of year 1, you are on your own

Exactly. Lots of this stuff in Dubai and Vegas in 2005/6/7

Still, granny muggins wont bother with the small print...she'll just be blinded by the 6% figure.

Then in 5 years time she'll be in the daily mail moaning about how government lets these cowboys operate and how she must be compensated.

[Executive Sadman]

I also wonder if these apartments will be standing in 30 years time. Friend rent/shares a smaller block. It doesn't have a laundry room, they're too tight/lazy to pay for laundry or walk down the road to the nearest launderette, and given british weather and lack of any private/secure garden, most their clothes are usually left drying in the living room (which of course is also the dining/kitchen/hallway). Already signs of damp/mould appearing all over the place. And it usually smells rather funky.

Most tenants are transient and wont care about this, but it doesn't bode well for such buildings to be still standing in the long term.

Edited October 15, 2014 by Executive Sadman

[Snugglybear]

I also wonder if these apartments will be standing in 30 years time. Friend rent/shares a smaller block. It doesn't have a laundry room, they're too tight/lazy to pay for laundry or walk down the road to the nearest launderette, and given british weather and lack of any private/secure garden, most their clothes are usually left drying in the living room (which of course is also the dining/kitchen/hallway). Already signs of damp/mould appearing all over the place. And it usually smells rather funky.

Most tenants are transient and wont care about this, but it doesn't bode well for such buildings to be still standing in the long term.

Anecdotal... Take a trip on the bendybus from the centre of the Cardiff to the Bay, along Lloyd George Avenue, and look over at the rows of flats on the left-hand side. At any one time 50% of them will have airers full of clothes standing inside the living room windows. Not surprising, really - the nearest launderette is a good long way away, and you'd have a job shoehorning a washer-drier in to the kitchen.

[Andy T]

These apartments are superbly located in the heart of the BBCS new operation in Salford Quays MediaCityUK, we also have ITV building their studios here and numerous more retail and commercial space being built as part of MediaCity phase 2. These apartments are perfect for the Salford Quays workforce and nicely located opposite Salford Quays tram stop where the centre of Manchester is just a 10 minute tram or drive away for any tenant not wanting to pay city centre premium rents.

The BBC's ongoing move to Salford has fuelled a massive property boom in the northern *** town *** , with house prices rising four times quicker than elsewhere in the country. A total of 2,300 BBC staff are expected to have moved to the *** town *** just outside Manchester, with many relocating from London.

The average home increased by up to 6.8% - the largest price increase in any part of Britain outside the capital. Elsewhere in the North-West, the average house price fell 3.5 per cent, adding to the evidence that the Salford property market has been buoyed by the arrival of the BBC at the MediaCityUK complex.

Further Information about this investment can be found in our comprehensive brochure which I have attached for you.

Kind Regards,

Stacey Andrews

Property Consultant

Knight Knox International

Nice research Stacey, Salford is a city, not a town...

I also wonder if these apartments will be standing in 30 years time. Friend rent/shares a smaller block. It doesn't have a laundry room, they're too tight/lazy to pay for laundry or walk down the road to the nearest launderette, and given british weather and lack of any private/secure garden, most their clothes are usually left drying in the living room (which of course is also the dining/kitchen/hallway). Already signs of damp/mould appearing all over the place. And it usually smells rather funky.

Most tenants are transient and wont care about this, but it doesn't bode well for such buildings to be still standing in the long term.

Isn't that the same as the majority of people living in small/average sized houses, drying the washing in a bedroom/hallway etc? we've never had a tumble drier, but yes if you don't have the windows vented slightly you get black mould building up on the window frames, particularly bad in more modern houses that have no breathability through the walls or ventilation.

They'll probably still be there in 30 years but will be unmaintained and blend nicely into the surroundings.

listed today - http://www.zoopla.co.uk/new-homes/details/34869048#CbwuBcfpR3s81gkJ.97

They are bullshitting the location on Zoopla, pin on the map & streetview is of the Lowry Mall! looking on their website, it says that MediaCity is a seven minute walk...hmmm ... I bet they are on the other side of Trafford road next to the rough estate -

https://www.google.co.uk/maps/@53.4695374,-2.2799425,3a,75y,291.7h,80.55t/data=!3m4!1e1!3m2!1sJ85A5BKGGFuBOc6W4kDMxA!2e0

https://www.google.co.uk/maps/@53.4702405,-2.2818518,3a,85.4y,1.05h,97.06t/data=!3m4!1e1!3m2!1sIeeG6g5IopiASk6BDolwMA!2e0

https://www.google.co.uk/maps/@53.4703846,-2.2806033,3a,90y,219.9h,86.29t/data=!3m4!1e1!3m2!1svlc7dXVt2PKJ9mnN9mr9eA!2e0

https://www.google.co.uk/maps/@53.4672911,-2.2819159,3a,75y,39.8h,85.99t/data=!3m4!1e1!3m2!1sSczUpDT_ZtKAkNee207vtA!2e0

[FedupTeddiBear]

Get out clause in small print below original advert: (edit: spelling!!!)

All figures are based on forecasts provided by the developer, are indicative only and are subject to change. Any financial information provided in this document is intended as a guide and does not constitute a contract.

Edited October 16, 2014 by FedupTeddiBear