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Key selling points
- High capital growth
- Strong rental demand
- Student population increase
- No deposit
- No stamp duty
- Rents cover mortgage
Two 2 bedroom apartments in a successful new build development in central Burnley
| Plot No |
Floor |
Beds |
Area Sq M |
List Price |
Agreed Discount |
Discount Price |
Instant Equity |
| 54 |
1st |
2 |
57 |
£116,350 |
15% |
£98,800 |
£17,550 |
| 59 |
Ground |
2 |
57 |
£114,050 |
15% |
£96,940 |
£17,110 |
Reservation fee : £500
Deposit on exchange : Not required – simultaneous exchange and completion
Tenure : Leasehold 150 years remaining
Ground rent : £140 pa
Management fee : £846 pa
Rentals : We consulted 5 local letting agents who report that rental demand is strong, mainly from young families in the locality who seek to upgrade their lifestyle. Rentals are indicated on average at £575 pcm. A full letting management service is available from our recommended local letting agent.
Spectacular growth : Over the next 10 years more than £300 million of investment is planned for the borough, improving its housing, schools, leisure and health facilities and reinforcing Burnley’s reputation as a major shopping centre.
The mass regeneration currently in progress in Burnley is unprecedented in the UK in that it covers the whole town, not just a small targeted area. Property prices reflect this and continue to rise at an impressive pace. On average they have risen by 21% over the last 12 months and some have seen price rises of 32%. There is no doubt that the programme of regeneration is having an amazing effect and there is still a long way to go before prices stop escalating faster than the national average.
For investors specializing in the buy to let market, there is even better news. A new £80 million college and university campus is due to open in 2009, expanding the student population by up to 2,000 students. This demand for dwelling space will be met entirely by private landlords.
No matter which investment direction you are coming from, all roads lead to Burnley as a major property hotspot for 2009 and beyond.
Liquidity : No difficulty is envisaged in the re-sale of these units to the owner occupier market. Of the 16 apartments released, 14 have been sold, 12 to owner occupiers and at list price. Overall investment analysis A detailed analysis, case study and overall performance of this investment over a 7 year period will be issued to all enquirers.
Property details
St Mary’s Court is a new development by one of the nation’s biggest house builders and consists of 24 apartments arranged in three blocks plus 53 three and four bedroom town houses and semis. It is located at a canal side site within 10 minutes walk of Burnley town centre.
Beautifully designed and finished to a high quality throughout, these apartments are of traditional local stone construction and have a 10 year NHBC warranty. They come complete with washer/dryer, integrated fridge freezer, laminate to hall and kitchen and vinyl to bathroom. All other areas are carpeted throughout with wardrobes to the master bedroom and heated towel rails to the bathroom making them instantly lettable. Each apartment has inter-com access to the main entrance door. One allocated parking space is provided and there is additional space for visitors.
All the amenities of the town centre are readily accessible either on foot or by frequent bus service which passes within 100 M of the development. Queens Park and Thompson Park with its boating lake are an easy stroll away. The area is well supported by doctor’s surgeries, dentists, and the Burnley general hospital and is well endowed with primary and secondary schools and FE colleges.
Specification
Construction : External walls Reconstructed local stone Internal walls Blockwork Roofs Concrete Tile
Kitchen : Single electric oven Electric hob with extractor unit Integrated fridge/freezer Washer dryer SS sink and drainers
Bathroom : White bathroom suite with chrome fittings Shower over bath Full tiling to bath area with local splashback to hand washbasin Heated towel rail
Heating system : Electric wall mounted heaters with individual controls Electric hot water cylinder
Floor coverings : Laminate to kitchen and hall Vinyl to bathroom Carpets to all other areas
Internal decoration : Walls magnolia emulsion Woodwork white gloss Ceiling flat skim with white emulsion . Electrical Double sockets throughout Extractor fan to bathroom Shaver socket to bathroom TV and phone outlets to lounge Phone outlet study area and second bedroom
Windows and doors : Double glazed throughout White PVC window frames Steel facing to main entrance door Internal doors of high quality mouldings with chrome fittings
Security : Inter-com admission to main door Door chains on apartment entrance Spy glass on apartment entrance .External Turfed area to front and rear Allocated car parking
Finance : Mortgage offers are always subject to individual circumstances but our specialist mortgage broker indicates that an 85% LTV mortgage will be available with interest rate 5.34% at 100% rental coverage. This is therefore a ‘low money down’ deal with your up front capital limited to reservation fee plus finder’s fee (3% plus10% VAT) plus other legal and financial fees. We estimate your total up front commitment would be as little as £7,500 including your reservation fee of £500 which comes off the purchase price.
Purchaser Procedure Note – you will be required to use our nominated solicitor and mortgage broker.
1. We will send you a reservation form by e-mail and ask you to print it out, complete and sign it and fax it to us. At this stage we also need you to transfer your reservation fee and finder’s fee.
2. The procedure thereafter is simple and you will be guided through it step by step by our solicitor and mortgage broker.
3. These apartments are now complete and ready for handover. Simultaneous exchange and completion should take place within 28 days of reservation.
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