New Islington Mill is transforming a historic textile mill, into a trendy, attractive development consisting of one and two-bedroom apartments. It will retain the Grade II listed exterior with several of the original features in the apartments, including exposed brick. All floors have bike and bin stores. Given the location some apartments also offer great canal views.
Located just 13 minutes from Ancoats in an area seeing large amounts of regeneration, Miles Platting is on the brink of massive change. The quiet, tight-knit neighbourhood to the northeast of Manchester city centre, is to be the site of a sprawling new development, including 410 new homes. Proposals to build 296 homes for private rent and over 100 new homes for social tenants on land off Hulme Hall Lane were given the green light by councillors in October 2020.
The apartments are significantly below market value with one-bedrooms from £156,950 and two-bedrooms from £182,950 . The room for capital uplift in this specific development is assured, especially when you couple it with the case for Manchester and the nearby Northern Gateway Regeneration scheme. These apartments are certainly below market value, which gives all investors a head start in terms of capital growth.
Short term serviced/corporate lets are permitted. There is a clause in the lease which allows it, unlike most traditional residential leases which prohibit it. There is a specialist management company in place, called 'My Property Host', who will handle all the legwork of renting the apartment out on a serviced apartment short-term basis (so it remains a hands-off investment). This allows returns to be significantly higher and the certainty of achieving them is also high which is just as important.
Buildings brimming with character are always popular on both the resale market with owner occupiers, and the rental market with tenants. The demand for character property is always increasing, especially as we see more and more contemporary towers. Given the waterside location and exposed brick inside the apartments the whole development stands out from the crowd.
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