The residence is situated a stone's throw from historic Kelham Island, once the beating heart of manufacturing. The remains of old factories and workshops have given the area a distinct charm, now housing trendy galleries and microbreweries. Offering 84 units, Kelham Ridge will undoubtedly prove popular for the ever increasing young, professional and student community.
Only 20% is required upon exchange and the remaining 80% on completion which is due for November 2022.
The developer, The Investment Room (TIRTLRS Limited), is now one of the leading property developers in the North of England, delivering several hundred apartments per year to the northern property market, with a further £150+ million of pipeline developments under construction or in planning. With a proven track record, consisting of developments such as: The Levels in Liverpool which launched in January 2017 with an average price at sale of £242,160 and The Assembly in Manchester which had an average price at sale of £263,266.
Kelham Ridge offers one-bedroom apartments for an average of £303 per sqft and two-beds for £261 per sqft. Similar developments nearby such as Birtin Works offer one-bedroom apartments for an average of £330 per sqft, and Dandor House with one-bedrooms for an average of £364 per sqft and two-bedrooms for £309 per sqft. With these prices in mind, the location and the low ground rent, Kelham Ridge is the obvious choice for a Sheffield property investment.
Prices starting from £105,000
We expect yields of up to 7.5%
The ground rent is low at just 0.1% of the purchase price - reviewed every 10 years in line with RPI
The average price per sqft is £287
Resulting from a period of weak economic performance beginning in the late 1970’s, Sheffield’s population began to fall. However, once the Labour government’s economic initiatives started to yield results in the early 2000’s, Sheffield’s population again began expanding at a rapid rate. From its 513,300 residents in 2001, the number of residents living in the city had grown to 586,730 as of 2020. The population is expected to continue on this growth trend, totalling 623,040 by 2035, a 21% increase since 2001. This high level of population growth has, and will continue to, put immense pressure on the city’s housing stock.
Construction activity in Sheffield has been unsuccessful in meeting the demand resulting from the high levels of population growth since the early 2000’s. Between 2012 and 2020 alone, a mere 11,439 units were added to the housing stock, which totalled 251,887 units as of 2020. Therefore, with only 4.5% of Sheffield’s housing units completed in the last 8 years, there is a significant undersupply of new-build investment grade properties in the city. Sheffield’s city council expects 2,248 units per annum to be completed between 2020 and 2035, below the annual new-build requirement of 2,923 units. As a result, an undersupply of at least 11,328 housing units is expected by 2035 meaning a 26% shortage of the housing requirement.
Sustained population growth combined with the economic revival since the early 2000’s has lead to house prices in Sheffield increasing by an average of 13% per annum. With these underlying factors expected to remain in place in the years to come, house prices in the region are forecast to rise by a further 28.2% up to 2025, compared to the UK average of 21.1%. Sheffield offers excellent value for investors, with prices on average 9% below that in cities such as Leeds, Birmingham and Manchester as of 2020.
As Sheffield’s economy continued to grow, new jobs were created, resulting in the unemployment rate falling from 11% in 2012 to 4.32% as of 2019. The unemployment rate is expected to rise to a peak of 5.96% in 2021 due to COVID-19 before returning to its pre-crisis full-employment level in the following years. Sheffield's favourable economic climate has resulted in disposable household incomes rising from GBP24,790 in 2000 to GBP39,410 in 2020, an increase of 59%. While disposable incomes dropped slightly in 2020, they are forecast to rebound swiftly and continue rising to hit GBP59,880 in 2035, an increase of 142% since 2000.
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