Property Pick of the Week 14/10

Spacious 1 bedroom flat in the heart of Stretford Manchester, primed for stamp duty holiday and ready for a tenant in just weeks!

The Bank Stretford – Manchester

Home to the formidable Manchester United, its storied history written in the annals of football history aside, the origins of the club go back into the 1800’s and they moved to their current home in 1910. Stretford itself started as a humble market town, situated between the River Mersey and the Manchester Ship Canal. Taking advantage of the considerable trade moving between Liverpool and Manchester, Stretford has long been an important part of Manchester.

Notable residents have included the industrialist, philanthropist, and Manchester’s first multi-millionaire John Rylands, the suffragette Emmeline Pankhurst, the painter L. S. Lowry, Morrissey, Joy Division frontman Ian Curtis and Jay Kay of Jamiroquai. Stretford stands as one of the major urban areas of Manchester outside of the city centre, with the other major areas being Sale, Altrincham, and Urmston.

The population of Stretford stands between 40 – 60,000 with the average age of residents below the average of Manchester at 35 years old. Typical demography shows that the residents of the area are young professionals who commute into the city centre for work, but there are also opportunities in and around Stretford with a high volume of schools in the area for teachers and with great links into the city there is a growing student contingent. Stretford residents are lucky when it comes to green spaces. Despite its proximity to the motorway and main road routes, it is surrounded by gorgeous green spaces.

Development Information

Originally known as Derby Hall, the building was home to a conservative club for many years until being repurposed as a retail unit to take advantage to the proximity of Stretford Mall. This building is believed to be one of the original historic buildings in Stretford town centre, and one of the few still in existence. Most recently the ground floor was a Bank, but the building has stood empty since their closure.

The developers are breathing new life into this historic building, updating the ground floor space into a creative shared working space and converting the first and second floors into 13 Apartments comprising of 4 studio apartments, 8 one bedroomed apartments and 1 two bedroomed apartments – of these 3 are duplexes with a private staircase to a second floor. The development aims to avoid excessive changes to the external appearance of the building, with only the windows being replaced and the retail façade being updated, ensuring the building maintains a sense of historic importance whilst being brought in line with the two-million-pound renovation of the Mall. The ground floor will remain a large commercial space, lending itself to offices or retail.

Secure cycle parking will be provided at ground floor level, with storage for ten bicycles provided. There will of course be dedicated space on the ground floor for the storage and removal of refuse and recycling material.

 

Unit number 3

Unit Type 1 bedroom

Price £125,000

 

Rental Yield 7.5%

Rental Income £775 (per month)

Capital Growth 6% (per year)

 

Completion Date Q4 2020

 

Stamp Duty £0 (first time buyer)

Stamp Duty (if additional property – payable on Exchange) £3,750

Legal Fees £1,600

Service Charge £720 (paid annually)

Ground Rent 0.15% of property value (paid annually)

 

Tenanted No

Furniture No

Size 42 sq/meters

 

Payment Plan

£5,000 reservation fee

25% on Exchange (minus res fee)

75% on Completion

Managed and tenanted by Fortem Property Management on behalf of Hoxton Property for £75 per month.

 

Key Investment Factors

  • High specification finish
  • City Centre Location
  • High yield and capital growth   
  • Secure cycle parking

 

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Andrew Hipshon
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