Estate MAGAZINE VOL 10 / FE B 201 8
BY FLAMBARD WILLIAMS
T H E BI G P ROP ERT Y DEBATE
OU R N E W W E B S ITE
TH E L ATE ST DE VE L OP M EN T S
OFF-PLAN VERSUS TRADITIONAL RESALE
A NEW LOOK FOR FLAMBARD WILLIAMS
EXCLUSIVE NEW LAUNCHES FOR 2018
Estate Magazine We lc o m e to y o u r m o n t h l y e d it io n o f a l l o f th e late st p ro p e r t y n ew s , e x c l u s ive deve lo p m e n ts & inf o r m a t ive c it y g u id e s
INTRODU CTION Welcome to Estate, the property magazine brought to you by Flambard Williams, the UKâ€™s award-winning property specialists. Each issue we will include a selection of all of our latest properties, not forgetting exclusive property news, tips & tricks.
CONTACT U S The Aquarium Lower Anchor Street Chelmsford United Kingdom Phone: +44 (0)207 183 0646 Email: email@example.com Website: www.flambardwilliams.co.uk
PAGE OF CONTENTS
16 THE BIG DEBATE
Quay central LIVERPOOL’S L AT E S T
THIS MONTH’S PROPERTY NEWS
the C havasse buildin g
TH E B IG P ROP E RTY DE B AT E
Our new high-yielding development
We take a look at off-plan versus
in a prime city-centre location
N E W ELD ON GR OV E
th e e n d for b u y to l e t ?
Set within beautiful surroundings,
We share our predictions for the market
the perfect balance of past & present
in 2018, along with what can be expected
Yor k House
th e n e w w e b s ite
Our stunning exposed-brick boutique
We’re pleased to announce our brand
development in the heart of the city
new Flambard Williams website!
34 oxygen tower
centenary house THIS MONTH’S F E AT U R E D
MANCHESTER’S L AT E S T
AY KON LONDON ONE
DOW N TOW N
Luxurious living in London’s finest
Manchester’s iconic development
development, designed by Versace
has released its final block!
M a n h atta n
A fantastic purpose-built student
New York luxury, made in the beating
development, in Leicester city centre
heart of the city of Manchester
napi er c our t
M a n c h e s te r Wate rs
The latest Luton development
Manchester’s luxurious tenant retreat,
not to be missed!
overlooking the tranquil waterfront
CONTRIBUTORS MA N AGIN G DIRE C TOR Christopher Whetstone
ED ITOR & H E A D OF M A RKE TIN G Jannaire Faulkner
S U B E DITOR Martyn Taylor
S A L E S DIRE C TOR Paul Tillett
PR OPE RTY C ON S U LTA N TS Charleigh Cooper Sam Rexhepi Niro Satkunalingam Jack Percival Hope Barrell Yingkit Tang Andy Walker
LETTERS FROM EDITOR We l c o m e t o T he Feb ruary Issue In this month’s issue, we take a look at the future of property investment in 2018. Our experts have made their predictions to help you invest the right way and make the most of your money. What’s more, we’ve announced an incredibly exciting new development in the UK’s Northern Powerhouse, Liverpool! Go to page 8 for more information. For more information about any of the features in this magazine, or if you would like to advertise with us, please do get in touch.
e s tat e m a g a z i n e 7
quay Central Quay Central, Liverpool Fro m £1 36,000 Quay Central is a high-specification new-build development located in a core part of Liverpool Water’s future cultural and leisure hub - Central Docks. Reflecting Liverpool’s industrious heritage, the building’s exteriors exude a warehouse aesthetic to fit in with the area’s ambience. With spectacular views of the River Mersey provided by these waterfront apartments, Quay Central will create a lifestyle in a location like no other. The apartments have been designed to the highest specification and will provide a fantastic spacious living environment for its resident, while they are also able to enjoy the world-class leisure facilities that this iconic waterfront setting provides, including restaurants, cafes and bars, in addition to new retail spaces.
spectacular views of the river mersey, located in liverpoolâ€™s cultural & leisure hub
THE chavassE BUILDING The Chavasse Building, Liverpool Fro m ÂŁ1 03,5 00 The Chavasse Building is a collaborative development, which sees an experienced and innovative partnership working together to enhance a historic area of the city with a great residential scheme. The focus for the scheme has been the provision of sustainable residential accommodation geared towards the requirements of modern, city centre living. All apartments in the scheme are currently larger than the comparable competitorâ€™s properties that are in relation to value per square foot. Location wise, the scheme benefits from being in a central position and within a short walk to Liverpool ONE shopping complex and everything the City of Liverpool has to offer. Complete with a residents gym, rooftop communal gardens and secure underground parking, these spacious apartments are perfect for either residential first time buyers or investors looking to achieve an assured 7% NET rental yield. 14 10
The Chavasse Building is the ideal Liverpool development for those wanting to live in a prime central location
new eldon grove New Eldon Grove, Liverpool Fro m ÂŁ95 ,995 Whether youâ€™re looking to purchase a residential property for yourself or a Buy-to-Let investment to earn you a solid income, New Eldon Grove offers an incredible opportunity to purchase a fantastic property at an amazing price. New Eldon Grove provides the perfect balance of past and present, as the apartments are set within peaceful surroundings, yet on the edge of the vibrant Liverpool city centre, which boasts a diverse mix of bars, restaurants, clubs, theatres and shopping to suit every preference. The development incorporates the three original Grade II-listed blocks, alongside three new blocks of stylish and contemporary apartments. Carefully designed to preserve the heritage of the site while serving the needs of a new generation, Eldon Grove benefits from a community garden and shared landscaping, as well as parking, bike storage, and secured entrance hallways.
New Eldon Grove provides the perfect balance of past and present, set within the most peaceful surroundings
Welcome to york HOUSE York House, Liverpool Fro m ÂŁ1 1 5 ,000 York House is a Grade Two listed building nestled in the shadow of Liverpool One, on cobbled streets that make up the Rope-walks. A carefully considered design having planning permission agreed for eighteen apartments over five stories, with ten in the period structure and a further eight housed in a glass linked extension to the rear. A sympathetic conversion will impact the existing floorplans minimally whilst retaining the existing features within the original building, the apartments will appeal to both investors and owner occupiers alike. A stunning Georgian refinement concealing a contemporary addition, a rare opportunity. York House offers buyers a unique opportunity to purchase a beautiful period property located in coveted conservation area, Georgian splendour with a contemporary flair. The stunning location places you in the immediate vicinity of the bars and restaurants of Duke street and delivers a high specification for each apartment, from high speed Internet with CCTV access to Contemporary No Name designer kitchens in a choice of colours, plus indulgent bathrooms, ensuring a bespoke package for the discerning client.
Classy boutique development with exposed bricks and sleek, on-trend designs
The Big Debate
off-plan vs. Traditional resale There are three main questions we often get asked by investors; ‘Why off plan?’ ‘What is off plan?’ And, ‘What does it offer me as a serious investor?’ Well initially, let’s dispel the usual confusion, and state that is new build is generally the same as off-plan. Many people we speak to do get a little confused on this point so let me explain. Off-plan, or a new build development, is sold in advance of it’s practical completion, meaning that all developments are sold off-plan, in other words, from sets of drawings and CGI images, and not through conventional means of viewing the actual property. Very rarely is it the case where a developer will build out a project 16
and then sell it when it is ready, that would be very costly both from a funding perspective and secondly not a very efficient way of building as this would lead to a very slow delivery and build out of projects. So now we have established that there is no real difference between new build and off-plan, we need to focus on why it is more beneficial to invest in new build or off-plan, in comparison to completed buildings. By completed properties, we are referring to resale properties, those previously owned, and generally property that is of an older age, but property that is ready to occupy immediately.
There are two main factors that ultimately should persuade you to follow the off-plan route. They consist of the price, and the choice.
PR IC E When we say price, what are we suggesting? Well, the rule when it comes to the off-plan market is that properties are priced at anywhere between 5-15% below the present market value, often these valuations are backed up with official figures from organisations such as RICS etc. The reason for this, is that the developer realises that for a commitment from the investor, he needs to offer an incentive. Perfect, you now have an option to complete on a property discounted at todayâ€™s prices, and if you feel that the property market is in rude health and is likely to grow further whilst the construction takes place, then you are protecting the future value of your property, and avoiding the disappointment of missing out on any uplift in property prices. When it comes to completed properties, there is no discount offered. These properties are priced at present market levels and you are therefore
subject to open market forces where you are not only paying todayâ€™s prices, but you are likely to be in competition with other buyers, which in turn can lead to a bidding war, especially when markets are doing well. This is something you do not have to endure in the off-plan market, due to prices being set regardless of the demand.
CHOICE The second main point to discuss with off-plan, and a crucial one, is choice. Here, you will have the opportunity to pick an apartment that suits your requirements, possibly influence the finish and lastly, in a part of the building that you prefer. Remember if you are an investor, the key point to focus on is the ability to get a property at a great price, and although the right apartment is important, the rental market is not as fussy as a residential buyer and looks for location and value. Aesthetics do of course play a part, but are not as important as the first two. Choice in the resale market is limited by supply. Generally, you do not get a choice of multiple properties on one
site like you do with a new build, meaning your choice is limited to the supply, which is dictated to by the sellers. This is not ideal as very often the exact property you like very rarely comes up, and you end up compromising and settling for second best in a lot of cases, and no one likes to compromise too much.
in the North-West. On a completed property there is zero risk that the property will not be completed, although there are other risks that occur. For example, the fact that many older properties do not have the same assurances you get with New Builds, namely the NHBC warranties and the like that are Many of you may say that buying a issued and last for 10 years on a new build. property that isnâ€™t built yet is risky, but in a property market where pros of off -p lan prices are still rising and more homes are greatly needed, this type So letâ€™s go through the pros of of investment can be extremely off-plan. In terms of price, often rewarding. Thatâ€™s why the sight of your new home could be worth more homebuyers queueing around the when completed than you paid for block when a development is it. Often you get discounts in excess released is commonplace, especially of 5% from committing to an early 18
purchase. You get yourself on the property ladder even if the property isnâ€™t ready for a few years. You get a warranty on your property that generally lasts for 10 years giving you peace of mind for that period on the integrity of the build. You also get the opportunity in some cases to personalise your property at the very early stages. Also, remember you have no maintenance issues with a new build, whereas with an older property there is usually a lot of remedial work to undertake before you can either move in or rent out your property.
tend to offer a mortgage in principal, and generally these offers last for approximately 6 months, meaning that if your build does not complete in that timescale you run the risk that your circumstances could be different. There is also the risk that the developer may go bust. Well, despite our robust checks we can never guarantee that a developer will not go bust, however, what we can do is check how the project is funded and what deposit protection they have in place in case should such incidents arise. So, as with any investment there are risks, but it is your and our job to mitigate as many of these as we can, although in our opinion the markets have come a long way since the early dark days when developers went bust and clients lost their monies. So does off-plan make sense? Well from what I have discussed above it does, albeit with a few caveats, and as long as you are fully aware of the risks, small as they may be, then generally the off plan market offers the smart investor the opportunity to purchase their dream home in the part of town they like, at a great price!
c o ns o f o ff-plan What about the cons of off-plan developments I hear you ask? Of course there are some that exist, but these tend to revolve around the funding and risk you take on when buying before the building is completed. Firstly, the funding. The majority of lenders do not offer mortgages designed for off-plan properties, and hence the reason for this space of the market being dominated with investors with a high proportion of cash. When it comes to funding, mortgage lenders 19
Buy to Lets
is the end near for the property market? The last year or so has been rather difficult for the buy to let investor, and whether you are a seasoned professional or new to the market, it would have been tough to keep up with the raft of reforms that have been placed on the buy to let sector. The list is large and although a little time consuming, should not deter a serious investor from looking at the property market. In general, these changes are designed to streamline and make the rental market a little more regulated, thus avoiding the unscrupulous behaviour from rogue landlords who spoil what is otherwise a great sector to be in. The demand for property continues unabated, and affordability for first 20
time buyers becomes more difficult, the rental sector will grow, and with that in mind the government has now put in place a series of reforms, creating a framework within which both landlords and tenants alike are protected. If you are a respectable landlord, these changes should be welcomed as it not only aims to set a higher bar with better properties and maintenance levels, it makes it harder for the type of landlords that provide inadequate properties that are poorly maintained, creating a race to the bottom. The key changes that have had an immediate impact are the stamp duty changes, the cost of mortgages, and the adjustment to the tax laws. The main reason
behind this was to put the brakes on prices, again attempting to help first time buyers get on the ladder and maintain affordability in the housing market. The cost of mortgages rising is a direct result of recent rate increases from the Bank of England, plus the fact that two schemes launched 5 years ago to help this sector, namely the Funding for Lending Scheme and the Term Funding scheme are both coming to an end later this year.
anywhere between 4.5% to 7%, and the likes of Liverpool can still offer figures as high as 7% to 8%. Both of these cities are in the midst of a huge regeneration scheme, and with that the demand for property in these cities outstrips supply. With these returns in mind where else would you invest? Traditional assets that are considered good alternatives are struggling to get anywhere near property, namely government bonds with the average yields in 10 year paper sitting between 1.5-2.5%. Not very attractive when alongside the likes of property, and with equities at all time highs, options open to you as an investor are limited where a great return is required, especially for pensioners where traditional annuity rates have been crushed.
w h at t o expec t if you e n t e r t he mar ket in 2018? Returns of up to 10% are achievable, although returns of that magnitude are to be found in areas where the cost to buy property is exceptionally low, and typically growth potential is small. So if not that figure what should we expect to see elsewhere? Well, London typically tops out around the 3% mark, whereas new areas of focus like Manchester, Liverpool, Leeds and the North West in general still offer both great ROI and also strong growth. Typically we suggest that Manchester city centre can offer the smart investor
So is property a good place to place your money? Well it would seem the answer is a BIG YES, but one that should be taken seriously, managed correctly, and costed out in a full business plan to offer you the biggest bang for your buck! For more information, and to speak to one of our property specialists, call 0207 183 0646 today and let us help find your property solution. 21
b u y t o l e t, p r o p e r t y f u n d s o r f r a c t i o n a l o w n e r s h i p ?
centenary house Centenary House, Leeds Fro m £1 2 7 ,000 Part of the Northern Powerhouse, Leeds is a major city with a population of 781,000. The city is the heart of Leeds City Region (LCR), a cluster of 10 local authorities with a combined population of 3 million. Worth over £60 billion, the region’s economy is the largest outside London and accounts for 5% of the UK’s economic output. LCR’s population has grown 3.1% over the past five years with a further 2.5% growth forecast for the next five years. Leeds has also seen the UK’s highest growth of private sector jobs at 6.1% in 2015, ahead of London at 4.4% and well above the national average of 2.5%. Vacancy rates in the housing market have fallen from 5% in 2010 to just 2.5% in 2016 and are pushing prices upwards. JLL’s rental growth forecast suggests that Leeds is set to have one of the UK’s largest rental growth over the next five years at 22.2%. Simultaneously, with a projected house price growth of 21.6% between 2017 and 2021, JLL forecasts that the annual price growth in Leeds will surpass Manchester, Liverpool and other major UK cities by 2020.
L E E D S W I L L H AV E T H E 7 T H FA S T E S T G R OW I N G R E S I D E N T U K P O P U L AT I O N U P T O 2 0 2 0
AY KO N LONDON ONE LONDON Based in Nine Elms, this is the ultimate in branded living, fantastically located for you to enjoy all that London has to offer. The latest addition to the London Skyline, this is set to dramatically transform the area into an ultra-modern residential and internationally significant business district. Branded residences by Versace Home, with stunning views across London from 50 storeys, with studios, one, two and three bedroom apartments and penthouses. In regards to location, Aykon is just a short walk from Westminster, with a new connection between Nine Elms & Pimlico. The city has four main airports in close proximity, centrally located between Asia and America. Luxurious facilities include a swimming pool, jacuzzi, state-of-the-art gymnasium and 24-hour concierge. 28
TRANSFORMING THE AREA INTO A M O D E R N & I N T E R N AT I O N A L LY SIGNIFICANT BUSINESS DISTRICT
Number 47 #47, Leicester Fro m ÂŁ69,900 When it comes to purpose built student accommodation, itâ€™s all about the location. #47 is ideally located in the very heart of Leicester City Centre, providing 47 luxury student studios and offering investors a fantastic opportunity to purchase a quality development in a major UK city. Take advantage of a market which is structurally undersupplied, where demand is high and rents are rising. This is one of the most safest and affordable investment opportunities available, in an excellent location and belonging to an asset class that has outperformed all others for at least 5 years. Spread over a brand new 7 storey building, each studio and flat will be completely self-contained, with private kitchens, bathrooms, and will be fully furnished. They even each have their own balcony! The development will also feature high quality finishes and energy efficient technology, ensuring the ultimate experience in contemporary living for discerning residents and long term sustainability.
#4 7 I S N OW O F F E R I N G A N EXCLUSIVE 8% YIELDS ASSURED FOR 5 YEARS
NAP IER C OURT LUTON â€˘ LONDON Napier Court provides the ultimate modern living experience with Architects having designed each apartment with space in mind. Sophisticated finishing touches have been introduced to find the right balance between style and comfort. Enjoy the ultimate in luxury for your dining and living space with a range of high end features and your own space to unwind and revitalise. Contemporary style meets luxurious finishes and intuitive design to maximise space. You can be assured that each and every apartment has been carefully designed to maximise the space for you to live, relax and enjoy. Ideally located in a vibrant town close to central London, youâ€™ll find that Napier Court is the perfect place to call home.
C O N T E M P O R A RY S T Y L E M E E T S LUXURIOUS FINISHES & INTUITIVE D E S I G N T O M A X I M I S E S PAC E
Oxygen TOWER Oxygen is a 31 story neighbourhood located in Manchesterâ€™s emerging Piccadilly Basin district. A short walk to the bustling bohemian Northern Quarter and regenerated Piccadilly hub, this new luxury development combines the highest build quality with hotel-standard leisure facilities and breathtaking views of a rising global destination. Oxygen is designed as a modern vertical village offering a diverse range of accommodation and amenities to support a thriving new urban community. At the heart of the building is a vibrant social hub which offers residents a wealth of luxury leisure amenities featuring a gymnasium, spa and shared outdoor spaces including a garden terrace of stepped allotments on the south corner of the building. Every apartment and townhouse is finished to exceptionally high standards. Full height windows flood the space with natural daylight and balconies offer panoramic views over the city and the Peak District National Park beyond.
Prices starting from ÂŁ310, 611
A MODERN VERITCLE VILLAGE, WITH A DIVERSE RANGE OF AMENITIES
Going Downtown An energetic community at the gate way to Manchester, providing a spacious range of 368, one, two and three bedroom apartments. Perfect for those that are looking to make their dream home, while also proving popular for tenants, providing the ideal property investment. Nestled on the banks of the River Irwell, the development will provide the luxury of concierge, a wealth of high grade private realm and communal roof terraces incorporating outdoor kitchens and ‘chillout’ zones. Dried and chilled post rooms ensure you don’t have to be at home to take receipt of goods or perishable food store deliveries as downtown’s designated concierge will take care of it. Rapid response on-site maintenance and support provides peace of mind for hassle free living and large service lifts ensure moving in is trouble free. Biometric and monitored entry provides a more secure living experience. Relieve the stresses of a working day in the on-site fitness suite, steam room and plunge-pools, relax in the spacious lobby or even enjoy a movie in the state of the art media room. If working from home you can make use of Downtown’s business centre while you enjoy unrestricted high speed broadband access throughout the property.
Prices for Block A starting from £240, 065
Made in MANHATTAN Welcome to Manhattan, Manchester’s newest ultra premium apartment building. Situated in the beating heart of the city, just off New York Street sitting at the entrance to Chinatown, the development comprises 42 one and two bedroom apartments with opulent interiors, a full concierge and a multi-level garden wall housing each apartment’s private terrace. Marrying contemporary and industrial architecture, this exclusive development brings the epitome of New York loft style elegance to the vibrant connections of an M1 city centre postcode. Situated off New York street at the entranceof Chinatown, Manhattan is home to 42 luxury one and two bedroom apartments. Each has been created with the very highest standards of finish, including floor to ceiling windows and private terraces set into a lush multi-level green wall, for added natural privacy to complement the views - especially the 7th floor duplex penthouses which offer views over King Street and across the city. On leaving Manhattan, residents can step out straight into the second largest Chinatown in the UK, with the business district, the cultural quarter and the Piccadilly travel hub accessible within a five minute walk. Part of Manchester’s progressive attitude and youthful energy is fuelled by the 90,000 students that attend its leading universities and colleges, increased to 400,000 students attending universities within an hours drive. One of the largest student populations in Europe, this includes 20,000 international students that travel here from more than 180 countries.
Prices starting from £378, 000
NEW YORK LUXURY, MADE IN MANCHESTER
Manchester Waters X1 Manchester Waters is a residential development located close to the centre of the UK’s ‘second city’ of Manchester. The development is set to be the perfect tenant retreat, overlooking the tranquil waterfront whilst being near the vibrant city centre, offering tenants the best of both worlds. This outstanding development is comprised of five phases and a total of more than 500 apartments, furnished to the highest standard. Ranging from spacious studios to high-end three-beds, most apartments will benefit from the spectacular view of the waterfront. X1 Manchester Waters is the perfect place for residents to relax and unwind, with the addition of a residential cinema room to allow residents to socialise. The location of X1 Manchester Waters is truly unparalleled. With two Metrolink stops located within a 5-minute walk, residents are able to reach Manchester’s city centre with ease, and enjoy everything that ‘The Capital of the North’ has to offer.
Prices starting from £109, 995
In this month's magazine, we take a look at the future of the buy to let market, and what you can expect as an investor in 2018. Not only th...
Published on Feb 2, 2018
In this month's magazine, we take a look at the future of the buy to let market, and what you can expect as an investor in 2018. Not only th...