Red Rooves Limited are delighted to offer to the market this fantastic off plan investment opportunity located in Media City, Salford.
Key Investment Facts:
• Leasehold – 250 years
• Construction Begin – Q3 2018
• Completion Date – Q4 2019
• Price Range – from £97,500
• Size Range – 21sqm – 40sqm
• Parking Included – No
• Furnishing Included – Yes
• Rental Management fees – 9% of gross rental income per year
• Ground Rent - £250 per year
• Service Charge – £2 per sq.ft per year
This new and exciting development is located in Media City UK, which is a centre for creative and digital industries in the heart of Salford Quays regeneration area.
Salford Quays has become Greater Manchester's most popular tourist destination. Only minutes away from the city centre, this vibrant area is home to a wide range of leisure and cultural facilities. It is also home to Media City UK, which has attracted hundreds of businesses specialising in media and entertainment. Located only a few minutes away from Manchester city centre, it is situated close to some of the city's main attractions such as the Imperial War Museum, The Lowry Theatre and Old Trafford - Manchester United's iconic football stadium.
Media City UK is 200-acre mixed use property development site on the banks of the Manchester Ship Canal in Salford and Trafford, Greater Manchester. The project is being developed by Peel Media and its principle tenants are the BBC and ITV Studios. As part of its second phase development, Media City UK is set to see rapid expansion through the construction of a range of new residential, commercial and leisure developments scheduled for 2018. Set to sit alongside the existing world-class office and studio facilities, phase II of the Media City UK development aims to provide more residential opportunities and satiate the growing demand for high quality residential properties in the area.
Manchester Property Market
Due to the massive investment and growth driven by media companies relocating to Media City UK, Salford Quays has become a property investor dream with the key investment drivers being:
• Sustainable and growing demand
• a Shortage of supply
With prices increasing in Manchester city centre over the last 3 years, Salford Quays has come into investors' focus as a highly profitable area due to significant capital growth seen in central Manchester. Set to be encompassed in the planned £1bn expansion of Salford Quays over the next decade, Hollywood is in a prime location for investors looking to capitalise on the huge demand for property within the area. Scheduled to double in size over the next 10 years, phase II of the Salford Quays development aims to invest a further £1bn, providing new homes, shops, offices, television studios and production facilities as companies are increasingly priced out of London and the South.
A survey of average prices for two-bedroom properties around tram stops shows the difference between properties based in Manchester city centre and properties located along the Eccles tram line:
• Langworthy – £115,802
• Broadway – £170,157
• Media City UK – £170,157
• Harbour City – £170,157
• Anchorage– £170,157
• Salford Quays – £170,157
By contrast, Manchester City Centre's average price for a two-bedroom apartment is £190,000 on average, £280,000 in a prime location, showing that the City Centre property market is clearly saturated.
Hollywood is a fully managed property investment opportunity that is conveniently located on the edge of Media City UK and adjacent to Langworth tram stop. The location is likely to attract strong demand from students and young professionals given its excellent transport links and proximity to a major media employment hub. The properties will be rented on a weekly, all bills inclusive basis. This results in a higher rental yield to the investor than would normally be achievable, due to the low cost of heating and running the apartments thanks to low-carbon technologies.
Important Notice to Purchasers:
• We endeavour to make our sales fair, accurate and reliable but these are only a general guide and they do not constitute or form part of an offer or any contract and none is to be relied upon as statements of representation or facts. We do not guarantee or test any services, systems or appliances listed in the specification as to their operating or efficiency ability, we therefore strongly advise prospective buyers to commission their own survey or service reports before finalizing their offer to purchase. All measurements that are stated are only intended as guidance only and are not precise, you should therefore verify the dimensions carefully before ordering any built-in furniture, carpets or laminates.
• Intending purchasers please note that you will be asked to produce some identification documentation at a later stage as part of the anti-money laundering regulations, we therefore please ask for your co-operation in this matter so that there will be no delays in agreeing a sale for the property.
• The information issued is in good faith but does not constitute representations of fact or form part of any offer or contract. The matters referred to in this article should be independently verified by prospective buyers. Neither Red Rooves Limited nor any of its employees or agents has any authority to make or give any representation or warranty whatever in relation to this property. Your home is at risk if you do not keep up repayments on a mortgage or other loans secured against it.
• We make no representation or warranty of any kind with regards to the information contained in this article and none of the information should be treated as financial advice. The information is not an invitation to invest and you must rely entirely on your own investigations and due diligence before deciding to invest. Any opinions expressed in this article are not statements of fact.