2 Bedroom Flat for sale

 

Eastbank is enviably located on the edge of Manchester city centre in the thriving area of Ancoats and New Islington. This luxurious development will have all the advantages of being a short walk away from the local parks and independent shops of suburbia, but also the vibrant bars and restaurants of the city. This exclusive new build is expected to begin construction in January 2015 and be completed by March 2016. This nine floor residential project will have a range of high-spec facilities suitable for all, with both car parking spaces and bike storage available. Being located so close to Manchester city centre, many apartments will benefit from spectacular city views, with the remainder facing the garden courtyard and terraces. Private balconies are available on a number of the one and two bedroom apartments, and the addition of a private gymnasium, on-site management company and laundry facilities will make living at Eastbank easy and stress-free.

 

The demand for rental stock in the UK is the highest it has ever been, as the continued rise in house prices ensures that first-time buyers cannot afford to take that first step onto the property ladder. Instead, tenants are looking for high-quality rental accommodation, in properties which they can essentially move straight into, without the hassle of waiting for it to be redecorated or repaired. As the property market starts to move and construction picks up pace, buy-to-let properties are increasingly becoming a more hands-off investment than they have ever been before, due to the new-build status of the building and the improved quality of the lettings and management agencies which are employed to maintain the property.

 

Manchester is often proclaimed as ‘Britain’s second city’ and has a population of over 500,000 people. It is the third most visited city in the UK after London and Edinburgh and has the third largest metropolitan economy, this time behind London and Birmingham. Despite seeming to be in the shadow of the capital, many Mancunians wouldn’t want a bigger, louder city. The home of the industrial revolution is famous for being a friendly and down-to-earth city with a unique atmosphere. Manchester’s surge in population looks set to continue over the coming years. In the last decade there has been a 19% rise in the population and the HS2 railway is expected to make the city more accessible and popular than ever. Only London has seen such large increases in population. But even London cannot match Manchester’s rise in house prices, which saw an 18% increase in the first quarter of 2014. The rising house prices coupled with a lack of available accommodation has made Manchester’s buy-to-let market one of the most lucra ive in the UK. HSBC recently estimated that investors could make gross yields of 7.98% if they chose to invest in Manchester.

 

The shopping and nightlife Manchester offers are not to be overlooked either. The city centre is host to a range of shops such as high street staples in the Trafford Centre, designer brands on New Cathedral Street, and independent bars and stores in the Northern Quarter. Greater Manchester also plays host to hundreds of bars, pubs and clubs. Overall it is no surprise that Manchester is one of the fastest growing cities in the UK. This is recognised by HSBC naming the area as the ‘Second Best Buy-to-Let Hotspot’, rising from fourth place the year before.

 

One-bedroom apartment from £110,000

Rent £700

Gross Rent £8,400

Maintenance Fee £956.25

Management Fee £672

Ground Rent £275

NET Income £6,496.75

NET Yield 5.91%

 

Two-bedroom apartment from £135,000

Rent £900

Gross Rent £10,800

Maintenance Fee £1,478.25

Management Fee £864

Ground Rent £275

NET Income £8,182.75

NET Yield 6.06%

 

Three-bedroom penthouse from £195,000

Rent £1,200

Gross Rent £14,400

Maintenance Fee £1,876.50

Management Fee £1,152

Ground Rent £275

NET Income £11,096.50

NET Yield 6.00%

 

WHAT YOU NEED TO KNOW

 

Am I buying as freehold or leasehold?

250 years leasehold

 

What is the address of the site?

X1 Eastbank, Great Ancoats, Manchester, M4

 

Are there tenants already in place?

No, X1 Eastbank is a new-build development which will be furnished to the highest of standards and will be ready to accept residents from March 2016

 

What are the projected annual returns on this project?

Returns of 6% are assured for the first year from completion of your apartment

 

Can I receive finance on this development?

There is currently no finance offered by the developer

 

When is my rental income paid?

Quarterly in arrears, direct into your bank account from completion

 

Is there a management company in place?

Yes, the designated management company will be X1, who will block manage and let the building

 

Are there any restrictions if I want to sell?

No, X1 Eastbank is a residential development, so you are free to sell your unit on the open market

 

How much is the ground rent?

Ground rent is £275 per annum

 

For more information please call O'Neil Property Services