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The Quay to a great return
January 8, 2015Article by Charlotte Ashton
Salford is an area with a fascinating history. Located on the Greater Manchester waterfront, it was home to Manchester Docks until 1982, when the closure of the dockyard resulted in some 3,000 job losses. Since then, Salford Quays has undergone massive regeneration and emerged like a phoenix from the ashes as one of the UK’s top property hotspots.
According to Zoopla, Salford’s property price rises even outpaced those of London during the first half of 2014, with a 12% hike in prices positioning Salford as having the fastest rising home values in the UK.
One of the key factors behind this success is Salford’s growing reputation as the UK’s most exciting new media destination. When the BBC decided to relocate thousands of its staff there and open MediaCityUK, demand for property rocketed and Salford hasn’t looked back since.
“Salford Quays is definitely the place to be within Greater Manchester,” comments Ray Withers, Chief Executive of leading property investment firm Property Frontiers. “Visually, the area is simply stunning, blending contemporary architecture with a delightful waterfront setting. It’s a great place to hang out too, with independent stores, coffee shops and plentiful other attractions.”
The BBC may have propelled Salford onto the national stage rather suddenly, but the city has wasted no time in using its newfound fame to the full. Indeed, plans are in place to establish it as ‘the South Bank of the North’ thanks to its particular blend of cultural and business prowess.
The latest regeneration work in Salford Quays will see an iconic commercial waterfront building turned into 60 uniquely designed duplex apartments and mews homes with fabulous views across the water. The development – Custom Quay – will feature a communal roof garden with panoramic views and within easy access of the tram, MediaCityUK and the Lowry Centre.
Prices at Custom Quay start at just £126,000, which is excellent value for one of the UK’s most exciting property hotspots. Property Frontiers clients can also enjoy LTV finance of up to 75%, as well as 6.5% yields with a full management option.
With a further 1,000 BBC staff still due to relocate to Salford, pressure on local housing stock is set to increase dramatically in the near future and prices are likely to continue soaring for some time to come. Many savvy buy-to-let property investors have already added one or more Salford properties to their portfolios and have been delighted to see their capital grow so quickly over such a short space of time.
With further price rises anticipated, those who have yet to purchase their Salford property still have time, though they will need to act fast in order to take full advantage of the area’s potential. Thankfully, Custom Quay affords property investors a way to do just that.