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PROPERTY
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April15
UK Investment: Grove House
Manchester has outstripped London as the best
place to invest in UK property. Rental yields are
hitting all-time highs of nearly 8 percent, and capital
growth smashed through 20 percent for 2013.
The world’s first industrialised city has become a
supercharged magnet for investors, and average
prices per square foot are still less than half of
those in the capital.
Grove House, a new residential project in
Manchester that’s due for completion by March
2016, has 72 units over nine floors, with prices
starting at £110,000. It offers a mix of one- and
two-bedroom apartments, with high-quality fixtures
and fittings, a secure entrance, on-site parking and
landscaped common areas. The development is
in a sought-after location, with fantastic transport
links to the city, and it’s just a 20-minute walk to
Manchester United Football Stadium.
For buyers, income is assured at 7 percent per
annum for the first two years. Rents are expected to
rise by 4 to 5 percent per year, so £650 per month
now could reach £700 in two years, giving a net
yield in excess of 7 percent.
A rich vein of history runs through Manchester;
household names such as Rolls-Royce, Oasis,
Happy Mondays, The Smiths, Joy Division and
Marks & Spencer all come from the former
“Cottonopolis”. The notable Manchester United and
Manchester City football teams are the corner flags
of the city, and Greater Manchester is home to more
multi-millionaires than anywhere outside London.
Manchester University is the largest in the UK,
with a student population of more than 37,000. A
significant number of students remain in the city,
providing a well-educated workforce and a steady
stream of new tenants. The election of a mayor
for Greater Manchester in 2017 is sure to further
accelerate growth in this iconic city. Evidently, the
UK’s northern soul is thriving.
International Property