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Entrepreneurial spirit, a leading property market and an exciting investment opportunity? It must be Manchester!
February 11, 2014Article by Ray Withers
Manchester’s property market, and in particular the Trafford Park area of the city, has a rich and fascinating history. It’s an area that has always interested me from a property investment perspective, so Manchester’s recent emergence as one of the fastest growing areas of the market was pleasing to read.
A booming city
The latest research from Lloyds Bank has highlighted the Salford area of Manchester as seeing the highest property transaction rate levels outside of London in the six months to September 2013, with sales growing at their fastest annual rate for a decade.
Manchester is the property investment hotspot of the North West, with sales increasing by an incredible 51%, according to the Lloyds Bank report. The city is the largest regional economy outside of London and the South East. It is home to some 7 million inhabitants and is growing fast.
Manchester has long been associated with entrepreneurial spirit and drive. In recent years a number of regeneration projects have attracted major employers to the city, including the recently opened BBC Media City, which brought thousands of jobs to the region and is seen as having further stimulated the property market.
I find it fitting that this home of entrepreneurship and ambition has been recognised as the UK’s most popular city with first time buyers (other than London). According to the City Focus Market Review from Countrywide, a higher proportion of mortgages in Manchester to first time buyers than in any other city in the UK, London excepted. 2013 saw 10,000 Manchester properties sold to first time buyers, meaning that one in three residential property purchasers there during the year was a first time buyer.
A rich history
Looking back, the Trafford Park area of the city was one of the key drivers behind Manchester’s reputation as a thriving business centre. Trafford Park was the world’s first planned industrial estate, setting standards that would be replicated across the globe.
Trafford Park remains the largest industrial estate in Europe to this day and has been one of Manchester’s major, ongoing economic success stories since its foundation over a century ago.
A new chapter
Building on this rich history, I’m excited that Property Frontiers is presenting Trafford Mill to the market, in the latest chapter of Manchester’s development. The stunning 19th century building, which was originally a cotton mill, is packed with period features that celebrate Manchester’s industrial past, entrepreneurial present and dynamic future.
The Georgian architecture features large windows, meaning the accommodation is bursting with light, while brick corbelling and wrought iron stair detailing highlight Manchester’s rich heritage. As one would expect from such a leading development, the building is already at full occupancy and generating strong rental yield of 8%, making it an excellent opportunity for investors who are looking for immediate returns combined with solid capital gain potential.
Investment in Trafford Mill is available from as little as £115,000 for a 3 bed duplex unit. Please contact us for further details.