Quartermile development - anyone living here?(4 Posts)
Thinking of buying one for investment but wonder if fact that the flat will overlook the next phase of development might cause difficulty in renting?
I lived there for two years and now renting my apt out - there seems to be an never ending queue of students desperate to move in and happy to pay extortionate rent. I rented to a holiday letting company for a year which was excellent (they took excellent care of it as they were renting out as high end) however my mortgage company didn't like this arrangement so have had to go back to residential lets. So far have avoided students and accepted a slightly lower rent from young professional types in the hope the apt will not get trashed (am still quite emotionally attached to the place!). So far so good. If you are buying purely for investment and particularly if you are mortgage free - go down the lease to a holiday lets co. Once I get the mortgage paid off, that is what I will be doing. If you are concerned about overlooking the new development, consider buying one of the older buildings or conversions. They come up for sale quite regularly. I think the conversions will retain/increase value better. Great place to live. I miss it! Higher rents on those apts with car park - but at £30k a space, I think a bit overpriced!
For the student market I would have wanted a 1 bedroom but apparently only 2 beds available at the moment (perhaps everyone wants a 1 bed for the same reason?)
Not mortgage free I'm afraid. Was also told by sales team that they are looking to cut out the short term holiday lets (being incorporated in covenants apparently).
Seems a good price being offered, it's fixed price and would not have to be competing for it once reservation fee paid.
I'm hoping that development of next phase would be quick and not too painful.
When you were there was there development going on (I would have thought so considering the scale of the project) and was it very noisy/disturbing?
It has a nice feel to it.
Do you know what 2 beds rent for? (know this will vary widely bcos of size, level of unit etc but wanted an idea from someone on the ground (rather than accepting what marketing team says as sometimes reality is a bit different).
Yes I think it is a good investment. I didn't have any trouble at all with the development works although my apt faced away from the bulk of the building work at the time. I didn't find it noisy at all living there, however since I moved out there are a couple of restaurants and bars opened up in Lister Square so I don't know if that makes it a bit noisier. Rental for a 2 bed should range between £1400 to £1800 pm. You will get more if you have the parking space and the apts that overlook the meadows I would imagine would be considered 'more desirable' and attract a higher rent (mine doesn't but it does have those lovely giant windows). Interesting point on the change in approach to short term rentals...thats a shame - I wonder if the Marriot were getting upset with the competition!
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