Added On :
Preston, United Kingdom
04 Apr 2018
£ 75,460 / € 84,365 / $ 98,454
A redevelopment of a commercial property in an unbeatable central location in Preston. Priced below the RICS valuation from only £76k, the apartments generate 8% NET returns for 2 years.
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 mainline, it's a short train ride from employment hubs such as Manchester and is earmarked as a key destination on the planned HS2 route.
Guildhall Square is a complete redevelopment of a former commercial property into one-bed apartments designed to meet the needs of this growing rental market.
The development is situated just off Winckley Square, a stunning public park surrounded by Georgian buildings. This central location gives tenants access to one of the city's nicest green spaces, as well as nearby offices, the train station and shopping districts.
The spacious units have an average size of 480 sq ft, with high-end design, and premium finishes and furnishings. The apartments are priced from £200 per sq ft, significantly lower than the RICS valuation of £250 per sq ft. For larger units, this discount is as much as £15,000, amplifying returns and potential for future capital growth.
Prices start at just £75,460, with investors enjoying an 8% NET return guaranteed for 2 years, if a furniture pack is purchased (£3,000).
Units can be reserved for just £2,500, with 50% of the purchase payable upon exchange (plus optional furniture pack) and the remainder upon completion, less the reservation fee.
With a sought-after neighbourhood, competitive price and stable returns, demand for units has been consistently high, with fewer than 10 are now available to purchase.