A brand new off-plan apartment building in Leeds is expected to generate 21% rental yields for property investors. The new residential development named Archway is unprecedented in its potential returns, making it an excellent option for beginner property investments and as an addition to existing portfolios alike.
Astonishingly low unit cost
Archway is a stunning development comprising 29 one-bedroom apartments spread across three storeys. Designed for maximum space and comfort, each unit is finished to a high specification and comes with its own parking space.
Apartments start at an astonishingly reasonable price of £93,950, making Archway a great starting point for a beginner property investment. The service charge and ground rent are also low, at just £1.20 per sq ft and 0.1% of the service charge respectively. And with just 29 units available, interest from buy-to-let investors will be high.
The project is being led by market-leading developers Empire Property Concepts and is due to complete early in 2022.
Its location makes Archway even more of an exceptional investment opportunity. Situated on the cusp of the transformative South Bank project, Archway is in the perfect place to benefit from the largest regeneration project Leeds has ever seen.
Once complete, Leeds South Bank will bring 35,000 new jobs, 8,000 new homes to the city, as well as making it the international destination for commerce, learning and culture.
The massive 21% rental yields are possible as serviced accommodation is permissible at Archway. This means investors can let their properties over short periods of time in an AirBnB-type model, which is likely to be very lucrative at this development.
According to the UK’s leading short-term rentals operator, My Property Host, investors can expect a net return of £1,279 per month if they let an apartment at Archway as serviced accommodation.
For people making a beginner property investment, starting off with this kind of lettings model is often a good introduction to the buy-to-let market.
Strong residential demand
As well as being popular for short-term lets, Archway is also expected to see strong demand from residential tenants. Even residential rental yields at Archway are likely to be some of the best in Leeds, at a strong 8%.
Its excellent location means it will be popular with young professionals and students. This makes for a perfect beginner property investment, thanks to the peace of mind that apartments will remain tenanted.
Don’t miss you chance to gain up to 21% rental yields. Contact North Property Group today to find out more about investing in Archway.