Spotlight On: The Loom at Vulcan Mill
As the redevelopment of Manchester continues, urban developments such as The Loom at Vulcan Mill play a crucial role. This architecturally pleasing building was once home to one of the most influential metalwork factories in Manchester. However, it has now been transformed into a contemporary residence that is set in a prime location.
This superb project has turned a prominent building in Manchester into a thriving investment opportunity. This new development seamlessly complements the work that is taking place in the city, transforming it from a dilapidated building and into one that graces Manchester’s skyline.
The location will put residents within reach of the vibrant city centre as well as a range of amenities, making it an ideal property investment in Manchester for those looking to take advantage of a growing area of the market.
The area for this development is New Islington and with it comes a unique and stylish design. Comprising of one and two-bedroom apartments, they are designed for a particular type of resident, especially young professionals and those who are seeking a high standard of living. From the high-end interiors to the stylish brickwork, this is a building that has been transformed in an impressive way, proving that Manchester still has a lot to offer. With it comes that perfect mixture of urban living with green areas and social living as well as the link to the city centre. As far as locations go, this is up there as one of the best.
What is on offer?
As mentioned, the development comprises of 89 one and two-bedroom apartments. All have been designed and furnished with a high spec look and finish in mind. Lavish, opulent and modern, the aim is to capture a sector of the market, and this is where the investment opportunity is one that should appeal to investors looking to take advantage of a great opportunity.
Prices for the 1-bedroom apartments start at £173,000 while the price of a 2-bedroom apartment starts at £250,000. The development also comes with 32 parking spaces which have been allocated to 32 specific units. The work was undertaken by a reputable and respected developer, ensuring an exceptional standard of work and attention to detail.
From an investment perspective, the development comes with a 250-year leasehold and has expected gross yields of up to 5.6%. There is also a very tempting payment plan in place where investors can pay 10% on exchange, 5% six weeks later and then 85% on completion.
With any development, location is everything and for investors, it is particularly important. Therefore, The Loom at Vulcan Mill will please investors because its location will appeal to those who want city centre living without being located in the city centre.
New Islington is an area that has already undergone extensive regeneration. It is also conveniently located just 15 minutes from the business areas as well as leisure facilities that are located within the city centre. This regeneration zone has seen significant improvements made, particularly within the Piccadilly Basin and Ancoats area.
The great thing about the Loom at Vulcan Mill is that it is within 100m of the New Islington Metrolink Station. This makes it an ideal place to live for commuters and those who love the bright lights of the city centre. Therefore, they can find themselves in the city centre in just two minutes.
What’s more, they are also within easy reach of many top amenities. Within walking distance, residents will be able to reach Piccadilly Train Station, the Northern Quarter and the Manchester Arndale. They will also be within a number of Metrolink stations such as the Etihad Campus and Deansgate-Castlefield.
For many, location is everything and if investors are seeking a property that has mass appeal then this has it all. With so many developments taking place in the area, it is clear to see that there is a demand for property in the area. With young professionals and even foreign students seeking accommodation, there is potential in this part of Manchester.
The Purchase Process
The purchase process is one that will also be favourable to investors who are interested in purchasing at this development.
To begin with, they will need to complete the relevant paperwork and then pay an administration fee of £2,500. Once the exchange of contracts has taken place, 10% of the purchase price will have to be paid. Then, six weeks after exchange, a further 5% of the purchase price is due. Finally, the remaining balance will have to be paid upon completion.
From an investment perspective, this is a development that will certainly work for investors. As mentioned, the demand for this high standard of living is there. This means that investors can purchase and then begin seeing returns almost instantly. What is also interesting is that this development will also offer significant returns on their investment. Therefore, whether it is a one-bedroom apartment or a two-bedroom apartment, returns of between 5% and 6% are extremely favourable.
For a development that offers an exclusive standard of living with a first-class finish and design, there is no doubt that this development provides a feasible investment opportunity. With exclusive parking offered and easy access to the hustle and bustle of central Manchester, there is a lot to love about this development.