Sunday, July 21, 2024

Sales and rents targets smashed at new Nottingham development

Residential property investment expert Centrick Invest has completed the sale of all 27 apartments at one of Nottingham’s new developments.

Centrick Invest has been working alongside developer Landstar Ltd to find buyers for the high-specification loft-style apartments at The Glassworks – a converted Victorian factory building at Crocus Street in a Conservation Area.

The Birmingham and Hong Kong based Centrick Invest team agreed sales to UK investors, overseas investors and owner-occupiers. The properties ranged in price from £150,000 for one-bed apartments to £275,000 for two-bedroom lofts. It took just eight months to agree sales of all of the apartments.

The Glassworks forms part of the Southern Gateway £250 million regeneration area which will include a major new retail complex, a new library and 75,000 sq ft of public space. Regeneration projects totalling more than £2 billion are underway or in the pipeline, including a college campus and 850,000 sq ft of Grade A office space.

The permitted development conversion of the historic glassworks site was launched off plan in a number of territories. Nottingham has continued to grow in popularity with both domestic and international investors and over 90% of the development has been acquired by off-shore buyers.

Centrick Invest’s new homes and investments director Andy Butts said that they had seen as much as a 20% increase on the expected rental values achieved in comparison to the estimated figure pre-launch.

“We are thrilled at the results we have achieved at The Glassworks where we have smashed both our sales and rental targets,” said Andy. “Our team sold all the apartments before the development was complete, and the rents are higher than we had anticipated. It is a great result for our investors and demonstrates the strength of the buy-to-let market in Nottingham.

“The city has a very strong investment story to tell. There is a huge amount of investment in various regeneration and infrastructure schemes which helps to improve city centre living. Nottingham has always been popular with students but we are increasingly seeing young professionals choosing to make their homes in the vibrant centre of the city.”

Andy added: “We have very successfully engaged the overseas distribution arm of Centrick Invest to deliver the very best outcomes for our UK clients, including Landstar Ltd. Working alongside several developers over the past 12 months, we have been able to offer overseas investors some very attractive opportunities and it is great to see so many sales being agreed.”

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