Life Buildings Manchester

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gino

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Hi All

Has one bough in this development in the Hulme Area of Manchester, the development looks good, i have seen it first hand and know of people who have bought and there has been an up lift from purchase to completion.

Anyone with any comments would be great

Cheers

Gino
 
Don't know the building but I would never buy in Hulme. Its a bad area, mixed in with a lot of social housing.

Also a lot of supply there I think. If your after a rental for students/ young proffesionals then I would stick to Wilmslow Road. Probably pay a bit more but less supply and a much nicer area.

Out of interest how much are the apartments selling for there?
 
have a look at East Manchester new tram line going there due 2009. Not a great area at the moment but long term i believe there will be good growth. I purchased a number of units in this area last year gone while not completed they have gone up 12%+, no problem renting, 10 minuts walk to city center its a bit like Smithfield years ago and looked what happened there.
 
A lot of the money has been made in Manchester in my view, although it is still an improving town and one that I visit quite often.

My own view of late (not based on any hard data, just open eyes stuff), is that there is an over supply of apartments in the city centre in particular. If you walk around these develpments at night, a lot of them don't have lights on -- not very scientific, but a good indicator of a lot of empty stock.

Some good value still in redbricks in east Manchester, particularly in Gorton and surrounding areas, but you have to know the individual streets and be very selective. Still a bit of money to be made out there though, bit I'd be a bit wary of the new projects downtown at this stage.
 
ringledman said:
Don't know the building but I would never buy in Hulme. Its a bad area, mixed in with a lot of social housing.

Also a lot of supply there I think. If your after a rental for students/ young proffesionals then I would stick to Wilmslow Road. Probably pay a bit more but less supply and a much nicer area.

Out of interest how much are the apartments selling for there?
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Hi

Thanks for the comment, A one bed apartment is £95,000 which incudes parking, the development is beside the new Hulme Asda,

I was ovwe there and it is about 10 mins from city cente

Thanks again
 
gino said:
Hi

Thanks for the comment, A one bed apartment is £95,000 which incudes parking, the development is beside the new Hulme Asda,

I was ovwe there and it is about 10 mins from city cente

Thanks again
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I know the scheme, Asda to the east and the Moss Side job centre, Manchester Central probation office, Loretto Sixth Form College and the notorious Quinney Cresent to the south and the west!
 
At a talk last friday with the small firms association - a developer was talking about a cheap site that was too good to pass up in Hulme. Made the area sound really good - good salesman.

Had to pay to get this talk!!!
 
For £100k for a 1bed you are better off looking at somewhere like Withington or Fallowfield. Nice Southern suburbs where you will always rent.

To be honest Hulme is not a good place ot invest.
 
ringledman said:
For £100k for a 1bed you are better off looking at somewhere like Withington or Fallowfield. Nice Southern suburbs where you will always rent.

To be honest Hulme is not a good place ot invest.
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Not sure if that is entirely fair. Hulme is not a place to live imo but it is a good place ot invest. Its got a good rental market and attracts new movers to the city (due to its proximity to the city centre) and students due to its proximity to Oxford Road and the unis. turnover of tenant is relatively high as people tend ot move out when they get to know the city or get mugged.
 
Not sure if that is entirely fair. Hulme is not a place to live imo but it is a good place ot invest. Its got a good rental market and attracts new movers to the city (due to its proximity to the city centre) and students due to its proximity to Oxford Road and the unis. turnover of tenant is relatively high as people tend ot move out when they get to know the city or get mugged.
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So you basically saying its a s******!

I don't disagree with you about naive people moving into the city and living there and then moving on the following year due to the crime.

If you had £100k to invest in Manchester and there was a same type of property and price in say fallowfield as there was in Hulme would you seriously take the Hulme option?! I wouldn't touch the place as an investment.

Serious issues of oversupply there too. It is somewhat harder to build as many flats in the likes of fallowfield/ withington and the local ammenities for students is so much greater too.
 
ringledman said:
So you basically saying its a s******!

I don't disagree with you about naive people moving into the city and living there and then moving on the following year due to the crime.

If you had £100k to invest in Manchester and there was a same type of property and price in say fallowfield as there was in Hulme would you seriously take the Hulme option?! I wouldn't touch the place as an investment.

Serious issues of oversupply there too. It is somewhat harder to build as many flats in the likes of fallowfield/ withington and the local ammenities for students is so much greater too.
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I'm not disagreeing with you about it being a poor area despite unpresidented money being poured into it. However it is a good area for investment and does rent very well - possibly better that city centre in some respects.

granted you cant beat fallowfield or withington for student lets
 
Following the posts here, I happened to be in Manchester at the weekend and had a look at the area in question.

Frankly, its a Crap location, and you could do better almost anywhere else in Manchester. As someone else pointed out, its too close to some notorious blackspots. There is a theory that almost all sink estates will get better in time, but that assumes that the lowlife will move on somewhere else. The reality is that "somewhere else" is down this side of the city.

For 100k you could still buy a small redbrick in Denton, nice upcoming area on the outskirts of the city that rents well and has few social problems. Go up the high street there and drop into any of the agents (about four or five at last count) and buy something right for your money.

For heavens sake stay away from the sales-driven high-commission projects like the one in question and buy in the real market! How often do I have to tell you guys!
 
auto320 said:
Following the posts here, I happened to be in Manchester at the weekend and had a look at the area in question.

Frankly, its a Crap location, and you could do better almost anywhere else in Manchester. As someone else pointed out, its too close to some notorious blackspots. There is a theory that almost all sink estates will get better in time, but that assumes that the lowlife will move on somewhere else. The reality is that "somewhere else" is down this side of the city.

For 100k you could still buy a small redbrick in Denton, nice upcoming area on the outskirts of the city that rents well and has few social problems. Go up the high street there and drop into any of the agents (about four or five at last count) and buy something right for your money.

For heavens sake stay away from the sales-driven high-commission projects like the one in question and buy in the real market! How often do I have to tell you guys!
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With the supercasino going to Manchester and BBC confirming there move to salford quays how much impact do you think this will have on the Manchester market.
 
Not a lot on the apartment market downtown, there is a lot of oversupply there that will take ages to whittle down. In addition, prices are strong downtown, not a lot of room for profit.

Casino won't have much impact on housing market, if the BBC thing happens it wil impact as much on suburbia as anywhere, although it will help ease the downtown apartment glut too.

Best bet I see in Manchester is to buy good quality 2-up 2-down in Gorton, specifically off the hyde road near the bowling green. There are new houses being built here at 120k upwards, and the old stock is available at from 70 to 80k just down the road, literally yards away. Do a very good fix-up on the old ones, hold for a couple of years (making 425 stg a month right now unfurnished, and there looks to be some decent margin here.

Don't all rush together!

(Or I can sell them to you myself with guaranteed rental, price only 100k!)
 
East Manchester is a 15year investment. I would only buy a new build there. The terraces in Gorton/ Openshaw are shi*e. I wouldn't invest there.

City centre is flooded with apartments.

The best place in manchester aways has been and always will be the southern suburbs- Didsbury, Chorlton, Sale, Fallowfield, withington, Victoria Park. This is where people want to live. Also a lot less supply here than the city centre.
 
Agreed on the best places to live in Manchester, no question about it. I wouldn't live in Gorton, but lots of first-time buyers are going for it over the last twelve months, and prices have come up well and are continuing to rise. The influx of first timers has squeezed out a lot of the DSS tenants who were bringing the area down. Rents are good and easy to get, with 400 pounds/month being the baseline for anything decent and 425 and above for very tidy properties.

The bottom line is that this is where the most money will be made over the next two years, relative to the capital invested. Even if the area is/was sh**e, as previous poster says, it is still where an canny investor will go. The gulf between the price of old and new properties practically on the same block is wide enough to leave lots of room for profit.
 
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