The 344-apartment project, Angelgate, based in Manchester, UK, which carries a two-year rental guarantee, is set to receive strong overseas interest, says Pinnacle MC Global
UK student accommodation specialist, Pinnacle MC Global, is launching its first residential development.
Angelgate, based in Manchester, UK, will include 344 one and two-bed apartments. Planning permission has been granted and work is set to start in December.
Pinnacle MC Global Director, Julie Harvey, tells OPP Connect that Manchester capital growth has outperformed London and demand from Asian investors is likely to be strong.
“We have been looking for a great site for our residential development. We chose Manchester as in 2013 Manchester experienced 21% capital growth compared to London with just 15%.
“In addition around 30% of Manchester rent private accommodation, many professionals wanting good quality accommodation such as our Angelgate development. Manchester is also in the top four Buy-to-Let Hotspots in the UK (HSBC) with average yields of 7%.
“We have recently launched the development and have experienced huge demand from Hong Kong, Singapore, the Middle East and the UK.
“There is a huge appetite for overseas investors from Hong Kong, Singapore, Indonesia, China, Taiwan et cetera to invest in safe secure developments in the UK from a reliable developer such as ourselves with an excellent track record.”
All apartments at the Dantzic Street development, near Manchester’s Northern Quarter and the Victoria train station, will include fully-fitted kitchens and bathrooms, flooring and fitted wardrobes for the master bedroom. Many will have balconies.
The project also includes a two-level gym, with sauna and steam room, which will be free of charge for residents, landscaped roof gardens, secure underground parking, and a pair of electric Smart cars, which residents can hire for their personal use. Smart cars have a range of 100 miles between charges and will give residents an eco-friendly travel option.
“Angelgate promises to be a marque development for Pinnacle, for the city, and for its residents, as Pinnacle has used all its experience from its student developments to create an apartment complex that will fit perfectly into this modern city,” the company says.
Buy-to-let is a thriving industry in Manchester, and the city’s large young population has helped boost private rental rates to 29%.
Pinnacle plans to break ground in December 2014 and complete the project by February 2016. These apartments are seen as ideal opportunities for investors or homeowners alike, and with Manchester City Council’s Grow initiative expected to be finished by 2017, Pinnacle expect these apartments to fit perfectly into this booming city.
By Adrian Bishop, Editor, OPP Connect