Top 3 Off Plan Projects In Manchester

Samuel Dawson property work and occupy many cities all over the world but one of our favourites, without question, would be Manchester. Not just for the heritage in music, football, and vibrancy. Manchester has a real depth to the city and opportunities aplenty.

Manchester is one of Europe’s fastest-growing cities and boasts a local economy that is outpacing the rest of the country along with most of Europe. There are many reasons to consider Manchester but below we have outlined some facts and selected the three most prominent real-estate investments in Manchester

Manchester Property Investments Facts:

  • Population 2.71 Million
  • 205 miles from London (2 ½ hours direct train)
  • Over 90,000 Full-time jobs.
  • Home to some of the world’s best companies including Amazon, BBC, Manchester City/United Football Clubs, Adidas and many more.
  • EY one of the big four accounting firms forecasts continued economic growth for Manchester in the coming years.
  • Average GVA (Gross Value Added) of 2.9% by 2023 with UK average at 2%.
  • 16,300 new jobs forecast before 2021 the fastest increase in the UK.

Manchester has areas of regeneration along with prime plots which are either under-construction currently or developers are planning new launches to entice home buyers within the UK and investors from all corners of the world. One of the largest is the Great Jackson Street regeneration program which has full backing from the Manchester City Council, there are plans for up-to 25 towers with 7 at least 40 floors tall. In addition, there are plans for schools, retail, and extensive parking within the area.

As a city just at the start of its cycle of growth, Manchester is the location firmly on the lips of the global investor community. Property price growth in Manchester exceeded the UK average, with prices increasing more than anywhere else in the country (2013-2018). In the 12 months to June 2018 alone, average property values in Manchester increased by 7.4% — The UK average during this time was just 4.6%.

In Addition, apartment prices in Manchester increased by 51% in six years (November 2011 – November 2017). Rental yields in the center do fluctuate depending on the developer and location but private rental rates in Manchester city center increased 38% from 2014-2018 with the average for England just 15%.

Who is renting the apartments?

The private Rent Sector (PRS) is a large factor for any city monitoring its rentals, Greater Manchester has outpaced all of the North West and the majority of England and Wales – with this growth expected to continue. In July 2019, there was a 117% spike in the number of tenants moving into apartments in Manchester city center, demand has never been higher, and as such it has one of the lowest rates of empty properties in the UK.

Manchester’s population is rising at 15 times the rate new homes are currently being built. City center apartments are getting up to 10 inquiries per property – with some tenanted within one hour, as always the key is to have a unique apartment in terms of floor/view etc.. work with the best developers who build the best towers and then renting the property is extremely easy. For instance, Elizabeth Tower (Crown Street) developed by Renaker has 1-bedroom apartments all the way up the 42nd floor and has a swimming pool and a double floor GYM on the 44th floor, along with a full outdoor Royal Garden due to the architecture of the tower. Placing yourself in the tenant’s shoes this is just an absolutely amazing apartment and will provide a standard of living far exceeding nearly all other locations within Manchester. They will get tenanted and they will pay a premium to do so.

Affordability?

Even on the back of the recent growth as of November 2019, the average price for a property in Manchester was £214,881, when compared to Central London £1.5 million and Greater London at £934,000 you can start to see the real value and the ability for exponential growth in the coming years. The developers who we work with and the locations that we recommend mean that we would advise above this mark but it would still be considerably less than London and other prime investment locations around the world.

Recommendation:

We have picked out our top 3 projects in Manchester for you to consider. We have actively sold all of them over the last year or so and they still provide as a fantastic investment as they did then as they do now.

Crown Street Manchester:

As we have mentioned earlier one of our favorite investments is Crown Street which is home to Elizabeth Tower and Victoria Residence. We have done a comprehensive guide to this investment in a free guide which you can see here.

It is developed by Renaker who is one of the leading developers in the UK and is building some of the most prominent and striking buildings in the UK currently. We would rate this as the most premium and high-end option in Manchester currently, the rental yields are attractive, and the future growth of Greater Jackson Street will help to fuel Capital Gains along with any significant market improvement.

Elizabeth Tower is ready Q4 2021 and is home to a Royal Garden on the 44th floor which has sprawling views across the city skyline along with a swimming pool, which is set to become the highest swimming pool in Europe. Victoria Residence is the sister tower and is ready Q3 this year. Renaker provides a monthly construction video update which is helpful for our international investors.

Click here to explore the project on our investment page.

Price Point:

1 Bedroom: 300k GBP roughly one bedroom
2 Bedroom: 450K GBP Roughly
3 Bedroom: 500-550K GBP roughly

Ancoats Gardens:

Ancoats Gardens has a specification list envious to nearly all other developments in Manchester. We were blown away by their attention to detail, the show suite and the future plans from Beech Holdings the master developer.

The starting price of GBP 239,000 makes it a more affordable option than Crown Street but the specification list doesn’t leave a quality discrepancy between this option and its slightly more expensive alternatives.

Arriving Q3 2021, Ancoats Gardens is a sustainable, new-build development aimed at professionals seeking a sophisticated, convenient and social living experience in the heart of Manchester city center. Featuring 155 high-spec 1, 2, and 3 bedroom apartments, the development will also boast its own exclusive gym, private gardens, coffee roastery, and shared social space for tenants.

Each apartment will come equipped with underfloor heating, advanced audio intercom systems,  high-spec Bosch appliances, whilst exposed concrete and feature walls will create maximum design appeal. The apartments will also benefit from a maximum ceiling height of 2.7m, almost half a meter higher than those found in traditional city-center apartments. This extra space aims to provide tenants with a generous luxury living space not typically found elsewhere.

We highly recommend Ancoats Gardens as an entry-level investment in Manchester click below to explore the project on the investment page.

Price Point:

1 bedroom apartment – from 249,000 GBP
2 bedroom apartment – from 317,000 GBP
3 bedroom apartment – from 488,000 GBP

Uptown Manchester:

The third option we would recommend is Uptown Manchester, which sits on the bank of River Irwell and is developed by Property Alliance Group which has nearly 30 years of construction pedigree behind them.

Uptown Manchester is the most affordable with units starting at GBP 210K, like the others it is a high specification development which is sure to attract tenants due to the close nature to the river-bank and its prominent location with Manchester City Center.

It has 156 one- and two-bedroom apartments which boast floor-to-ceiling windows and unrivaled city views. It is a four-minute walk to Victoria Station and is just a short 8-minute walk to get to Deansgate.

85 of the current 100 FTSE 100 companies have offices in Manchester and affordable yet high-end apartments are at a premium, that also command such central locations.

To explore the project in more depth and see the brochure, floorplans, and project video click below

Price Point:
1 bedroom apartment – from 210,000 GBP
2 bedroom apartment – from 310,000 GBP

Recommendation:

My personal advice is if the budget allows then the Renaker development Crown Street is one of the most favorable options that we work with not only in Manchester but world-wide.

Uptown and Ancoats Gardens I place quite similar in terms of the development, having seen the show apartment of Ancoats I would slightly favour that from an interior design perspective but everything else is very close and would require a personal preference.

In all of the developments, one of our key points to make to investors is always take the most premium option available. They appreciate quicker in up-markets and depreciate the least in slow-markets, this has been evident in the developments we have sold across the UK and the UAE. The most premium units also appeal to tenants and perform better on the resale market when you are planning an exit strategy.

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