Northill Apartments open up investment opportunities in Manchester's Buy-to-Let Market
Salford, and in particular Salford Quays, has become a key destination for property investors thanks to the numerous young professionals who make it their home due to its proximity to both Media City and Greater Manchester as a whole.
For all the recent investment in the area, the housing market in general and the rental market in particular are both subject to major supply side deficits, which the Fortis Quay development seeks to address. Its third phase, Northill Apartments, is expected to be as popular as the previous two.
A total of 264 premium-quality apartments over 27 floors
To cater for all needs and wants (and budgets), the selection of apartments ranges from compact studios (32.98 square metres) to three-bedroom duplexes (124.40 square metres), hence the development attracts both single young adults and couples and those looking for family space or flats to share with friends.
As you would expect, this is reflected in the range of sales prices, which start at £109,995 and reach a maximum of £469,995. In addition to the high building standards and many local amenities, apartments on the upper floors will enjoy superb waterfront vistas. The development has an estimated completion date of quarter one, 2020.
Excellent transport links and facilities
Although Northill Apartments, Manchester will benefit from 20 car-parking spaces, it is expected that one of the main draws of the development will be the fact that for most people it will be completely unnecessary to have a car, due to the combination of an excellent location and outstanding local transport.
Media City is within walking distance, while the Metrolink tram service is just over 300 metres away. This provides an efficient and regular service into Manchester city centre. Outside of work, the Salford Quays area has a wide range of leisure facilities, including bars, eateries and retail outlets and, of course, there are many more to be found in Manchester itself.
Those needing (or wanting) to travel further afield can make use of the intercity buses and trains or head to Manchester Airport, which currently has three terminals and offers both regular and charter flights, covering numerous destinations in the UK, Ireland and Europe as well as a small number of destinations in other parts of the world.
The Greater Manchester property market is one of the most exciting in the UK
Looking back, it’s hard to believe that it was only in 2014 that former chancellor George Osborne announced the beginning of the Northern Powerhouse initiative. Since that time the economy in the North East has been surging forward and bringing the housing market with it. As the effective capital city of the region, the Greater Manchester area, particularly Salford, has been leading the way.
For all the rapid appreciation in house prices, however, the fact that they have come off such a low base means that they are very affordable when compared to similar properties in the Thames Valley area and since the Northern Powerhouse is still in its early days, there is a widespread belief that there is much more to come. For buy-to-let investors, the combination of affordable purchase prices and a significant local population of young professionals and students is the perfect situation for achieving excellent rental yields.
For more information on Northill Apartments, please contact Hopwood House.
