Valuations of high-specification apartments in the former wool merchants’ quarter of Bradford have broken through a major barrier, a new report has revealed.
Research showing that some property valuations are now exceeding £300 per square foot in Little Germany has been welcomed by developers and regeneration chiefs, who see it as evidence that Bradford’s improving image is boosting investor confidence.
The significant milestone has been highlighted by Bradford city centre living specialist Squarefoot Apartments in its latest update on the Bradford property market, which it supplies to investors in the UK and overseas.
The study, which scrutinises up-to-date valuations on the newest apartment developments in Little Germany, shows that £250 per square foot is now being achieved on a regular basis for normal apartments, creeping above £300 per square foot for higher specification apartments, such as penthouses.
When compared to a recent property price study by the Halifax, the figures show that high-specification properties in Little Germany, which is undergoing considerable regeneration, are valued at more than twice the average for the rest of the city, where the figure is £124 per square foot.
In comparison, property prices in London average £360 per square foot, with more desirable homes in Belgravia commanding £2,000 per square foot.
Sheikh Mani Waheed, managing director for Squarefoot Apartments, said:
“Apartments in the Gatehaus, the impressive new building now nearing completion by Asquith Properties in Little Germany, along with others now being developed in the area by German company Garbe, are all achieving values of more than £250 per square foot.
“And the penthouse of the Gatehaus was valued at more than £300 per square foot.
“This is a clear indicator that, despite property prices falling in some parts of the country, the value of high quality apartments in Bradford is still increasing.”
The findings come at a time when Holroyd Properties has just completed a major scheme to convert a former mill into a 17-apartment development at Merchant’s Court, in East Parade, Little Germany.
The new apartments are valued at £250 per square foot and the penthouse, which has views stretching across Bradford, is set to fetch nearly £200,000.
Squarefoot Apartments, the agent for the Merchant’s Court scheme, estimates that property valuations will rise by another five to seven per cent as soon as construction work begins on the city’s Broadway shopping scheme.
Maud Marshall, chief executive of Bradford Centre Regeneration, said:
“Breaking through the £300 per square foot valuation level is a significant milestone in the regeneration of Bradford city centre. Bradford has a rich heritage with a strong collection of listed buildings. This creates a stunning environment in which to develop an exciting city people can live, work play or invest in.
“There is a vast amount of work taking place in Little Germany to ensure that we have a high-quality residential offer. Developments by companies such as Asquith Properties, Garbe UK and Holroyd Construction are creating unique living opportunities in Little Germany and are helping to create a strong city centre residential market.”
Dr Harold Robinson, chairman of Shipley-based Magellan Properties, welcomed the valuation breakthrough.
“Our investment in The Channel, a £350m urban village on which phase one begins next year, represents our unshakeable confidence in the future of Bradford as the new property hotspot of Yorkshire.
“The development will transform Bradford’s property portfolio for commercial, leisure and residential investors offering outstanding opportunities in this up and coming market.”
Source: Squarefoot, Telegraph & Argus & Squarefoot Apartments