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Park Rise addresses house shortage with 87 flats in Central Manchester

22nd February 2017 Print

The Park Rise development is set to address the acute under-supply of houses in Manchester by converting an unused office near the city centre, into 87 contemporary and well-appointed one and two bed flats. The development is due to be completed in Q1 2018.

An established residential area with excellent transport links to key business areas

With a bus stop 1 minute’s walk away and a Metrolink 3 minutes’ walk away, residents of Park Royal can be at Deansgate and Castlefield in 10 minutes door-to-door, while MediaCityUK is less than 20 minutes away by Metrolink.  Trafford Park is a 7-minute drive away or about 20 minutes by bus.  In the other direction, the Manchester Central Convention Complex is also within easy reach.  This means that Park Royal has obvious appeal to young professionals looking for convenient access to their current (and future) jobs.  The high quality of Manchester’s public transport system is reflected in the fact that figures from the DVLA show that in 2016, Manchester had the second-lowest number of cars per head of population out of all the cities in the UK (the lowest was London).

The two bed flats are a great choice for young families

In spite of its city-centre location, Park Royal is within walking distance of a canal, several parks, a football pitch and a children’s playground.  This means that the two-bed flats are a great choice for people thinking ahead to when they will start to have a family or for people with younger children who value the fact that a short commute to work leaves them with more time for their little ones.  Seymour Park Community Primary School is just a short walk away and in 2016 it was awarded a 5-star “Outstanding” rating by Ofsted.  The area around the Park Royal development already benefits from an extensive range of services and amenities ranging from supermarkets to sports grounds.  Major sporting venues such as Old Trafford cricket ground, Old Trafford football stadium and the Etihad stadium are all within easy reach as is the O2 Apollo Manchester.

The possibility of excellent rental yield is generating a high level of investor interest

Many buy-to-let investors are taking advantage of City Centre property investments in Manchester, with statistics indicating that four out of five flats in this area are rented.  In addition to young professionals, the proximity of Trafford College, the University of Manchester and Manchester Metropolitan University means that the area is also of interest to students, particularly to those who are working part-time alongside their studies.  It should also be noted that MMU is due to expand further with the creation of a £30M International Screen School, the development of which is being spearheaded by Trainspotting director Danny Boyle.  This is another sign of the city’s development as a centre for the creative industries, which is further fuelling demand for housing among students and young professionals.  Based on current figures and future projects, it is anticipated that landlords could achieve a rental yield of up to 6.3%.

For more information on Park Rise, please contact Hopwood House.