MORE evidence of strong investment in the city centre property market with a portfolio of apartments in Beetham Tower already half sold.
Such is the confidence in the Manchester market right now that we are seeing money moving here from London as well as investment from overseas
The 42 units, released by the Beetham Organisation, were mostly tenanted which has been a big attraction for investors looking for an instant return.
But interest has also come from private buyers wanting to make the iconic building their home.
Braemar Estates, the company that manages the tower, is also handling the sales, and property consultant Grant Furber said: “We are delighted at the market response.
"Beetham Tower is one of Manchester's landmarks. Because all the units are very competitively priced we knew there would be strong interest, but selling more than half in three months exceeded our expectations and I think demonstrates the increasing strength and confidence in the Manchester property market."
Of the 25 sales agreed so far the split has been roughly 55/45 in favour of investors.
Grant said: “These are professional buy-to-let investors who are looking for a secure long term return. Many are from outside Manchester but have heard of the Beetham Tower and like the fact that there is nothing else comparable in the city. They know there is constant rental demand so voids are likely to be less and they have an eye to longer term capital growth.
“All of the investors have bought with sitting tenants which means they are getting a return on their investment from the outset with no additional fee outlay. That has been a strong attraction.
“Such is the confidence in the Manchester market right now that we are seeing money moving here from London as well as investment from overseas."
Some of the private buyers were already renting in Beetham, but with bullish forecasts about property price rises, along with favourable interest rates, purchasers have decided that now is the time to buy. It would seem surveys and valuers are getting more confident too.
Grant said: “Of the 25 sales we have had 16 completions and where buyers were reliant on a mortgage, we have not had a single down valuation by a valuer, which is hugely positive and shows a change in attitudes by lenders.”
Since the original show flat is now sold – to an investor who bought six on the north side, including one to live in himself – Braemar have called in an interior designer to fit out a brand new show unit.
It’s another two bed apartment, this time on the south side with an internal balcony, and has an Oriental theme. It has also been given a complete refurbishment; from polishing the wooden flooring to cleaning and re-sealing the stone surfaces in the kitchen.
Prices range from £157,000 for a one bed apartment to £230,000 for a two bed and go up to £360,000 for a two bed penthouse with two parking spaces.
For more info: www.beethamtowermanchester.com or www.braemar-estates.com
