Distillery Apartments, Greenwich

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uroman

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Considering purchasing in this development in London. Developer is Galliard Homes. Anybody purchased here or had any experiences of the developer?
 
I done business with this company found them ok. My only advice i can give you is dont give asking price offer around 95% of asking price it worked for me.
Best of luck
 
What size is the unit and how much, if you dont mind me asking?

Jaid
 
They are studio apartments on 13 floor, approx 366 sq ft cost £235k. Each additional floor is extra £5k. Guaranteed 6% yield for one year following completion
 
you should search this site for previous discussions on guaranteed yield. as a comparison, what is the price wihtout the rental guarantee? also bear in mind that you are probably buying very close to the top of the property cycle in London and you can expect at least two more interest rate rises this year.

as a guide - look for similar properties on www.rightmove.co.uk to see if you are getting a good deal.
 
Probably not the best time for buying in the UK, especially apartments.

Collegues of mine are having a very difficult time in trying to sell them.
 
I still think Londons a god bet and there's no problem getting property rented. I bought a one bed in Barking last year for £165k, i'm getting it rented for £780 p.m. and similar ones are for sale at £205k. My reasoning behind Greenwich is that the apartments are not due for completion to 2009 and there is a lot or regeneration going on there. It's difficult to compare with other developments as there is nothing similar already in Greenwich. Am a bit concerned though that they are slightly overpriced.
 
rental guarantees are usually included in the price of the appartment so you are paying your own money back to yourself. in addition, you will end up paying stamp duty on the property price which includes a rental guarantee. the price you quoted seems a little steep to me especially for a studio somewhere that is so far from central London (I live in north London).
 
uroman said:
They are studio apartments on 13 floor, approx 366 sq ft cost £235k. Each additional floor is extra £5k. Guaranteed 6% yield for one year following completion
Click to expand...

WOW!:eek: Thats crazy money, that equates to aprox £6,912 or 10,230E p/m2 if you buy you are very likely to be burned.

I lived in London for 7 year fairly recently and have not come across anything like that, by the way Greenwich isnt the best area to live.
 
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