All 60 apartments in residential development X1 Salford Quays Phase I are now completely booked up, reflecting a surge in popularity among young professionals desiring to move to Salford.
Additionally, 80% of rooms in the larger X1 Chapel Street student accommodation block, which has 109 rooms, are now taken up, well in advance of the September 2014 intake.
Phase 1 of Salford Quays was the first of these to be launched back in October 2012, appealing greatly to investors who snapped up every apartment within six months. Thanks to the efficient work of joint developers, X1 Developments and Elan Homes, the apartments were completed on schedule and now the fruits of this labour have borne fruit, in the form of the 100% letting figures!
The popularity of this development, which has been confirmed by its recent letting figures, prompted calls from buyers for further investment opportunities in the Salford Quays area. Knight Knox International responded to this by launching X1 Salford Quays Phase II, which sold out in a record 30 days and is currently progressing quickly towards completion.
Recently, the North West property firm have taken this one step further by launching a final third phase, X1 Salford Quays Phase III. This four-storey block will comprise of 60 luxury 1 and 2-bed apartments, which are available from a starting price of £97,500.
Having already received planning permission from the council, who recognise the high demand for private rental accommodation throughout Salford, we expect this development to receive a similar popularity to the last two phases and advise investors to register their interest as soon as possible to avoid disappointment.
X1 Chapel Street launched much later in April of last year and is located just ten minutes away from Salford Quays. Highlighted as one of Salford’s up-and-coming districts, Chapel Street forms a corridor between Manchester city centre and Salford Central, which has led to it becoming a popular choice for local investment.
Over £10million of investment has transformed the Chapel Street corridor, resulting in it winning the crown of Britain’s most attractive road last year. However, this by no means signals the end of the regeneration, with much more planned in the forthcoming years, in a scheme aiming to generate 11,000 jobs, 849 homes and 390 hotel rooms.
Savvy investors seized on this exciting opportunity, purchasing every apartment within our Chapel Street development in just 6 short months. The strong letting figures for this student accommodation block come over a month before the September 2015 intake, so we expect them to increase beyond the already high 80% before the first semester begins.
This positive news comes just days after Salford was named ‘Britain’s hottest property spot’ by property listings website, Zoopla. The report showed that house prices in Salford increased at a faster rate than any other area in Britain, including London, in the first six months of 2014.
Property prices in Salford grew by £14,874 or 12%, allowing the average house price to reach £138,619.
For more information about our investment opportunities available in Salford and the Greater Manchester area, please contact the Knight Knox International sales team on 0161 772 1370.