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Halifax, United Kingdom
16 Jan 2018
£ 64,900 / € 73,083 / $ 91,091
Martins Mill is a new conversion of an iconic mill in Halifax, ideal for Halifax's population of young professionals and offering investors 8% gross pa and strong capital growth. Apartments are priced from £64,900 with low-cost 75pc LTV finance achievable.
Martins Mill is a new residential conversion of an iconic mill building. Blending modern living with historic surroundings, the 60 high-specification apartments satisfy a clear gap in the Halifax market: it meets demand for premium accommodation in a city centre with a shortage of supply.
Sitting proudly in an elevated position on Pellon Lane, the units are ideal for Halifax's population of young professionals. Employment opportunities are growing in the town, as funds revitalise Dean Clough, one of the largest textile factories in the world (employer of 4,000 people), and Lloyds Banking now employs 6,000 people - both only a 15-minute walk from Martins Mill.
Constructed in the late 1800s, Martins Mill is a unique piece of English history, with former owners and tenants including numerous textile manufacturers and the well-known Plebeians Halifax Jazz Club. The transformation is carried out by a developer with a strong track record and knowledge of the North of England, as well as experience in converting listed buildings.
Units are fully furnished and ready to rent out. The open, modern interiors offer a high-spec finish, including a fully fitted kitchen and full furniture packages available upon request.
The apartments are fully managed by a local firm, generating at least 8% gross returns – over £4,000 annual income after all costs. Rental demand and house price growth is driven by the rising employment opportunities and ongoing investment in the area's regeneration.
Units are competitively priced at below market value, with one-bed apartments starting at only £64,900. Prices in this postcode have risen 6.27% in the 12-months to January 2017 (Zoopla), with strong capital growth expected and up to 300% total ROI forecast over 10 years.
Low-cost 75% LTV financing is achievable, enabling investment from under £25,000 cash.