Property Pick of the Week 07/10/2020

The Sorting Office, Preston – Greater Manchester

This 2 bedroom duplex unit in Preston is a real gem. The development is completed and ready to generate income right away.

Preston is the third largest city in the North West, and the largest in its county of Lancashire, following the award of city status in 2003. This is a confident, welcoming city which is friendly to business and regularly performs well in PricewaterhouseCooper’s Good Growth for Cities Index which analyses jobs, transport, average incomes and work-life balance among other things.

While Preston is in itself a fantastic place to work, the proximity to other amazing employment locations in the North of England is a huge reason to consider living in the area as well as offering the ability to be at the Lake District in less than an hour by train.

Preston is in a fantastic location when it comes to the UK as a whole. On the line from Glasgow/Edinburgh right the way through to London, the modern trains of today can have you in London or Edinburgh in just over 2 hours. Manchester is a 50-minute train journey away, making Preston a commutable distance away. 

 

Development Information

The development will bring to the market luxury living, providing its owners with modern top of the range amenities, including high end fixtures and fittings, bespoke designer kitchens, fob access technology, SMART heating systems and private garden balconies or terraces. Each apartment will also benefit from its own, private and secure car parking space.

The Sorting Office is perfectly located in the thriving City of Preston and will boast the City’s first communal rooftop garden for the exclusive use of its residents. 

Unit number: 22

Unit Type: 2 bedroom duplex with balcony

Price: £240,000

Rental Yield: 5.5% NET

Rental Income: £1,100 (per month)

Capital Growth: 7% (per year)

Completion Date: Completed

Stamp Duty: £0 (first time buyer)

Stamp Duty: (if additional property – payable on Exchange) £7,200

Legal Fees: £1,600

Service Charge: £720 (paid annually)

Ground Rent: £350 (paid annually)

Tenanted: Yes

Furniture: Yes

Size: 83 sq/meters

Payment Plan

£5,000 reservation fee

100% on Exchange (minus res fee)

Managed and tenanted by Fortem Property Management on behalf of Hoxton Property for £110.00 per month.

Key Investment Factors

  • House prices in Preston have increased by 19.56% in the last five years
  • Stunning Duplex Apartment
  • Conversion of Grade II listed property
  • City Centre Location
  • Private Balconies / Terraces
  • Walking distance to Local Parks & Marina
  • SMART Technology / Fob access
  • Communal Rooftop Garden
  • Private Gated Car Park with Fob Access

If you would like to speak to us about this unit or get more information on our current stock, please get in touch today.

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Andrew Hipshon
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