Welcome to week 2 of the Blog Posts.
If you have been following the investment in Stockport in recent years, you will have noticed a wealth of cranes popping up alongside new build developments and mill conversions. Something that Stockport has long been crying out for.
With the re-development of Stockport Interchange, there are significant works ongoing to improve the Bus & Train Station in Stockport. This particular project will bring about new green space for residents to enjoy and commercial units & office space under construction, allowing more businesses to move into the area. As part of this project at Stockport Interchange, there are also two high rise apartment blocks under construction. Providing the opportunity for tenants to move out of the City Centre and into the suburbs of Stockport.
Some other notable developments in the area are the re-development of Weir Mill by Capital Centric, the development of the old Sainsburys site in Stockport, Springmount Mill under construction in SK3 and a new development at St. Marys Gate on The Underbank.
Weir Mill will bring along a new community to the area, offering Stockport the chance to compete with what Ancoats and Northern Quarter have in Manchester City Centre. A High end mill conversion, with communal working spaces, commercial units and event space, will bring a different element to Stockport’s rental market. With more tenants flocking to the area, landlords want to be best-positioned to take these in and secure their rental.
All of the above is a positive for landlords (and future landlords) of Stockport. The more the area is re-developed, more green spaces, more office space, more bars and restaurants opening up, the more tenants will move into it. If you did not invest in 2022, don’t leave it too late in 2023 to capitalise on this changing market.
Investment Pick of the Week!
This week, I will be sharing two properties that I have seen online that I feel make for excellent investments in the area. The first one offers excellent yield with a strong track record in the rental market. It is a one bedroom flat in Box Apartments. Click here to take a look at the Rightmove advert.
This property is priced at a mere £60,000. We have rented out a number of flats in this building and they always generate massive amounts of interest. Recently we secured a tenant for one of our flats in this building at a rental price of £650. Based on a purchase price of £60,000 this results in a gross yield return of 13%!
The second investment pick I have is a slightly different opportunity. It is a 14 bedroom former care home, with two 1 bedroom flats. Click here to take a look at the Rightmove advert.
Priced at £550,000, the property is due to go under auction on 1st February. This property offers re-development prospects into perhaps a large HMO or individual flats. There is certainly lots of scope with this one to maximise returns in a rental market that is desperate for more properties.
Give the agents of the two above properties a call should you be interested in arranging a viewing. And give myself a call on 07384 810881 to discuss the rental prospects of these in further detail along with advice and assistance on the BTL market.
Liam Foster – Lettings & Investment Manager – Stockport