Added On :
Preston, United Kingdom
14 Feb 2018
£ 120,000 / € 140,272 / $ 159,321
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.
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.