Best long term investment apartment in Manchester-Where?
Discussion
Im currently considering buying an apartment in Manchester City Centre as a long term investment,probably around a transaction price of £250k.I plan to rent it out initially but in the years to come I would use it myself once the kids have grown up so its a long term idea.
With this in mind I am considering a 'landmark' building to buy in as I would think that this would be best long term for the investment potential.
At the moment Im thinking either No.1 Deansgate,The Edge,or Beetham Tower.
Does anyone have any experience of any of these properties and if so what are the upsides,downsides of location,costs etc????
With this in mind I am considering a 'landmark' building to buy in as I would think that this would be best long term for the investment potential.
At the moment Im thinking either No.1 Deansgate,The Edge,or Beetham Tower.
Does anyone have any experience of any of these properties and if so what are the upsides,downsides of location,costs etc????
Parrot of Doom said:
You should visit first. I've been in some of those places, and the quality is shocking.
The early Urban Splash developments are pretty good though (mill conversions, etc).
I had a look around a few properties in the tower today and what you say is quite correct,the quality of the workmanship is pretty shocking in places,certainly doesnt match the asking prices although the views are quite spectacular.I suppose I could always get Scott to give it a makeover for me,I must admit his pad looks quite good esp the Cristal champagne bar!By the way is it just me or does he look like the evil bodybuilding twin of Jason from 'Dancing on Ice'The early Urban Splash developments are pretty good though (mill conversions, etc).
In all I thought the properties were too much £££ for what they were so asked the agent what the chances were of the vendors accepting a bid,but it seems the current owners are in that much negative equity they are struggling to let them go for the already (imo) inflated asking prices!I guess they are just going to have to see if they can ride the market out-could be a long slog for them.
Edited by 5 wh on Wednesday 31st March 19:55
Hi Lloyd,
Im looking for a good location slap bang in the middle of Mcr,walk to the bars shops,eating places etc.Location is my main criteria as then in time the development should still be desirable.The rent these places generates barely covers the equivelent interest generated by my money(I suppose Im in the fortunate position where I can buy outright),esp after the communial charges.
Im going to keep looking but from now on Im going to sound out the agents as to whether the vendors will take a bid before I view.
Im looking for a good location slap bang in the middle of Mcr,walk to the bars shops,eating places etc.Location is my main criteria as then in time the development should still be desirable.The rent these places generates barely covers the equivelent interest generated by my money(I suppose Im in the fortunate position where I can buy outright),esp after the communial charges.
Im going to keep looking but from now on Im going to sound out the agents as to whether the vendors will take a bid before I view.
5 wh said:
Parrot of Doom said:
You should visit first. I've been in some of those places, and the quality is shocking.
The early Urban Splash developments are pretty good though (mill conversions, etc).
I had a look around a few properties in the tower today and what you say is quite correct,the quality of the workmanship is pretty shocking in places,certainly doesnt match the asking prices although the views are quite spectacular.I suppose I could always get Scott to give it a makeover for me,I must admit his pad looks quite good esp the Cristal champagne bar!By the way is it just me or does he look like the evil bodybuilding twin of Jason from 'Dancing on Ice'The early Urban Splash developments are pretty good though (mill conversions, etc).
In all I thought the properties were too much £££ for what they were so asked the agent what the chances were of the vendors accepting a bid,but it seems the current owners are in that much negative equity they are struggling to let them go for the already (imo) inflated asking prices!I guess they are just going to have to see if they can ride the market out-could be a long slog for them.
Edited by 5 wh on Wednesday 31st March 19:55
http://maps.google.co.uk/?ie=UTF8&hq=&hnea...
They're very nice, and only 5 minutes walk from both Piccadilly and Victoria stations. Have a look also around the Northern Quarter, lots of old buildings renovated and turned into residential accommodation:
http://maps.google.co.uk/?ie=UTF8&hq=&hnea...
Parrot of Doom said:
5 wh said:
Parrot of Doom said:
You should visit first. I've been in some of those places, and the quality is shocking.
The early Urban Splash developments are pretty good though (mill conversions, etc).
I had a look around a few properties in the tower today and what you say is quite correct,the quality of the workmanship is pretty shocking in places,certainly doesnt match the asking prices although the views are quite spectacular.I suppose I could always get Scott to give it a makeover for me,I must admit his pad looks quite good esp the Cristal champagne bar!By the way is it just me or does he look like the evil bodybuilding twin of Jason from 'Dancing on Ice'The early Urban Splash developments are pretty good though (mill conversions, etc).
In all I thought the properties were too much £££ for what they were so asked the agent what the chances were of the vendors accepting a bid,but it seems the current owners are in that much negative equity they are struggling to let them go for the already (imo) inflated asking prices!I guess they are just going to have to see if they can ride the market out-could be a long slog for them.
Edited by 5 wh on Wednesday 31st March 19:55
http://maps.google.co.uk/?ie=UTF8&hq=&hnea...
They're very nice, and only 5 minutes walk from both Piccadilly and Victoria stations. Have a look also around the Northern Quarter, lots of old buildings renovated and turned into residential accommodation:
http://maps.google.co.uk/?ie=UTF8&hq=&hnea...
Personally, I think the Beatham Tower apartments will hold value.
http://www.beethamtower.org/manchester/apartments....
http://www.beethamtower.org/manchester/apartments....
City Centre flats are a poor investment long term for capital appreciation, always have been even during to boom time. Stats comparing rises in values of city centre flats against suburban areas such as Didsbury, Chorlton, Worsley, Sale, etc during the boom show second hand values of flats virtually standing still in comparison to such areas.
If you want a City Centre flat great just buy whichever one you like the look of, but don't expect much capital appreciation. If you want one as an investment it will only make money as an income deal and from the sounds of it the one's you're looking at don't.
If you want a City Centre flat great just buy whichever one you like the look of, but don't expect much capital appreciation. If you want one as an investment it will only make money as an income deal and from the sounds of it the one's you're looking at don't.
JQ said:
City Centre flats are a poor investment long term for capital appreciation, always have been even during to boom time. Stats comparing rises in values of city centre flats against suburban areas such as Didsbury, Chorlton, Worsley, Sale, etc during the boom show second hand values of flats virtually standing still in comparison to such areas.
If you want a City Centre flat great just buy whichever one you like the look of, but don't expect much capital appreciation. If you want one as an investment it will only make money as an income deal and from the sounds of it the one's you're looking at don't.
I suppose thats the top and bottom of it really.The ones Ive looked at I feel are overpriced in todays market,the sellers cant take a bid and the rental income doesnt justify the investment,from a business perspective.If you want a City Centre flat great just buy whichever one you like the look of, but don't expect much capital appreciation. If you want one as an investment it will only make money as an income deal and from the sounds of it the one's you're looking at don't.
Maybe I'd be better off buying more of the type of rentals I have locally(small boring properties but the rental justifies the outlay) and just stay in a hotel when I visit Manchester!
anonymous said:
[redacted]
Most of the 2 bedroomed ones on the market are advertised at around £100k under the original purchase price and are still(in my opinion)around £50k overpriced.If they were bought originally as buy to let then the original purchasers have got their sums very wrong....
Very true about the 'landmark' developments. Overpriced and crippled by the service charges.
Look for a decent conversion within easy walking distance of Oxford Road. Notably cheaper to buy, better service charges and decent rental yields driven by overseas students. The decent ones don't hit the open market so find a friendly agent (Thornley Groves are ok),
Look for a decent conversion within easy walking distance of Oxford Road. Notably cheaper to buy, better service charges and decent rental yields driven by overseas students. The decent ones don't hit the open market so find a friendly agent (Thornley Groves are ok),
Flats in general are a poor investment and become almost unsaleable in a bad market. Also, in Manchester City Center flats were dramatically over-built and there are far more than there is demand for, so prices have plummeted and aren't done yet. At the peak they were well over priced because of all the first time buy to let speculators who had no idea what they were doing.
Why not buy a small house? Or a flat in a high demand town such as Edinburgh?
Why not buy a small house? Or a flat in a high demand town such as Edinburgh?
Republik said:
Personally, I think the Beatham Tower apartments will hold value.
http://www.beethamtower.org/manchester/apartments....
everyones taken a bath in that building it seems http://www.beethamtower.org/manchester/apartments....
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