Property description
With rental yields in the Capital having flatlined, according to the Sunday Times, investors must now look further afield to the UK’s second tier cities for lucrative opportunities. A recent report by BM Solutions, part of the Halifax group, identified the northwest as the best region for buy-to-let returns. Indeed, with 51% of housing stock in Liverpool being in the rented sector and over £20 million worth of private rental income generated monthly, according to data from Direct Line for Business, it is no wonder that The Daily Telegraph named the city a top buy-to-let location for 2014.
Liverpool agents are particularly upbeat due to £1.5 billion-worth of regeneration proposals announced for the city earlier this year. The projects are estimated to create 12,000 construction jobs and bring further employment to the city through new ventures.
The decline witnessed by Liverpool in recent years triggered by the recession is being reversed with the Economist stating that a “middle class revival is possible” with white-collar jobs returning to central Liverpool and more university students remaining in the city postgraduation. In fact the total population of central Liverpool grew by 3.3% between 2008 and 2012 and the Liverpool City Region is one of England’s fastest growing regional economies according to new Government data (2014).
Parker Street will see the landmark former Reece’s Ballroom, which hosted the wedding reception of John Lennon and his first wife, Cynthia, in 1962, brought back to life for a lucky few Liverpool residents. The sympathetic refurbishment of an “impressive neo-classical structure” occupying an unrivalled location in the heart of Liverpool City Centre will see the creation of 91 studio suites and 1 bedroom apartments. Planning consent has been granted for conversion of the upper floors and the addition of a rooftop extension, enabling stunning panoramic skyline views to be enjoyed from floors 5, 6 and 7.Boasting a generous open plan layout displaying luxury features of the highest quality, the apartments will provide a pleasant and contemporary atmosphere ideal for young professionals working in the City and first time buyers alike. Furniture packages are included as well as on-site 24/7 concierge services. With prices from just £64,950 for a studio suite rising to £99,950 for a 1 bedroom Apartment and 8% net rental income for 5 years with full management included, Parker Street Apartments offer investors an affordable, hands off and profitable entry into the lucrative UK buy-to-let market.
Key investment facts:-
- 250 year lease
- 91 Apartments
- Deposits held in Escrow Structure
- Q4 2015
- Service Charge: £1,000 per annum
- Ground Rent: £250 per annum
- Legal Fee: From £545 plus VAT plus disbursements
- Stamp Duty: £0 to £125,000 None
- 8% Net yields for the initial 5 years
The purchase process:-
£2,000 Deposit
£1,200 Admin Fee
50% Deposit less £2,000 Deposit
25% @ Exchange
25% @ Completion
Property Features :
- Luxury Apartments from £64,950
- Newly Refurbished
- 6% Net Rental Yield Assured for 5 Years
- 60% Finance Available
- 250 Year Lease