Loft success reflects strong investment market in Bristol

Almost half of the 34 apartments at Baldwin Lofts in Bristol have been snapped up following the launch at the end of February, demonstrating that demand for apartment-living in the city is still high. The development is attracting a huge amount of interest from investors wanting to capitalise on the high rental yields, which could be as much as nine per cent.

Joanna Ashworth, sales manager at Savills which is marketing the apartments alongside Ocean Home, said: “The success at Baldwin Lofts goes to show that certain sectors of the market are still incredibly buoyant. Where there are opportunities for investors to make big returns, demand is high.”

Of the 34 apartments, 16 reservations were made over the weekend and the first apartment to sell was the only six-bed unit. The buyer had been queuing since 6.30pm on Friday and had camped overnight.

Matthew Wofinden said: “We had our eyes on one particular apartment so decided to start queuing early. It proved to be an excellent decision as we were soon joined by other prospective purchasers with more arriving throughout the night. It was a long wait but we were able to reserve the apartment we wanted as we were first in the queue.

“Having looked at the details of all the apartments, there were a number we were interested in but the one at the top of our list offered exceptional value. With large bedrooms and kitchen, and two bathrooms, all very well decorated, we're extremely pleased to have been able to reserve this apartment. Baldwin Lofts looks to be one of the best residential property investments currently available in Bristol.”

Another purchaser queued from 1.00am to secure a five-bedroom apartment for his daughter and her friends who are students at Bristol University.

Joanna continues: “There is no doubt that places like Bristol, where quality of life and income is higher than average, are still popular places to buy and invest in. We are experiencing strong demand for the right property in the right location. In fact the total sales over the past quarter are very similar to those of the same period last year and values have increased.

“With around 25 active new homes sites within the two-mile radius of the city centre, there is an excellent choice of new build and refurbished apartments and we expect high demand throughout 2008.”

Other recent successes include Cathedral Apartments in Clifton which are being sold by Savills on behalf of Urban Creation.

Joanna added: “With the expected reduction in interest rates, combined with the usual spring burst, Savills is optimistic of continued prosperity for Bristol and the region.”

Starting at £150,000 for a two-bedroom apartment, Baldwin Lofts on Baldwin Street are in walking distance of the University of Bristol, Harbourside, Temple Quay, Broadmead and Cabot Circus.

The apartments also have excellent public transport links with direct bus rides to the University of the West of England, Bristol Temple Meads and Aztec West. Some of Bristol’s liveliest music venues, arts facilities, cafes and bars are also on the doorstep.

For more information, visit Savills.com.