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Property Sales - 30291034 - Apartment in United Kingdom, England, Lancashire, Preston

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The Sorting Office

Property Information

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Property ID:
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Apartment
30291034
Preston, United Kingdom
14 Feb 2018
£ 120,000 / € 136,924 / $ 161,009

Short Description

Conversion of former Post Office in Preston into luxury apartments, completion May 2019. 7% rental assurance per annum. 0.5 miles from station, smart home features, city's first communal rooftop garden.

Key Information

  • Property ID: 30291034
  • Location: Preston
  • Property Type: Apartment
  • Prices: £ 120,000 / € 136,924 / $ 161,009
  • Garden
  • Parking
  • Conversion
  • City
  • Coastal

Full Description

Preston is the third largest city in the North West of England and was named the region’s best city to live and work in 2016. A major stop on the West Coast main line, it is a short commute from employment hubs such as Manchester, and earmarked as a key destination on the planned HS2 route.

 

The City Deal Partnership will deliver £430M of transport investment, 20,000 new jobs and 17,000 new homes in Preston & Lancashire, providing a £2.3 billion boost to the region's economy and helping attract more young professionals, students, families and couples to the area.

 

The Sorting Office is in a central location only minutes from Preston train station and all amenities - ideal to meet demand from young professionals and families in the city. It's designed specifically for the private rented sector, with a premier finish and energy-efficient Smart Home technology in-built throughout.

 

Formerly a Royal Mail Sorting Office, the Grade II Listed building is being transformed into 31 luxury apartments. A unique offering in the city’s property market, it will retain the character of the original brick building, combining high-spec living and local history. All apartments include private parking, and access to the city’s first communal roof garden.

 

Prices for the apartments start from £120,000 for a 1 bed unit, with an affordable payment plan that lets buyers pay 30% upon exchange and 70% upon completion - ideal for arranging finance for up to 70% of the valuation on completion.

 

The properties are offered at a discount to the independent RICS Valuation provided, with a 5% discount for mortgage investors and a 10% discount for cash buyers.

 

Cash buyers have the option of taking a fixed return of 7% NET, assured for the first 12 months. Alternatively, mortgage investors can leverage cheap borrowing costs to amplify year 1 cashflows to 13% or 14% depending on the unit chosen. The financial illustration shows the power of compounding - when combined with steady capital growth over a 10-year hold period, this investment is forecast to generate total returns of over 190% - an annualized return of around 19% per year.

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