PROPERTY LOCATION

The Oaks development is set back from the A665 and lies between Broughton, Crumpsall and Prestwich in North Manchester. The area consists of a mix of large semi detached houses and 1, 2 and 3 bedroom apartments. Clowes Park is 200m south of the site, offering a beautiful relaxing environment.

The area generally consists of young professionals and retired couples and has a much higher than the national average of owner occupiers. Rented council property is scarce in this part of Manchester. Within a mile of the site is a primary and secondary school, a doctor’s surgery and hospital – an ideal source of rental tenants. There are many transport links including Higher Crumpsall tram station under half a mile away. King David School Manchester is very close by and is one of the most difficult schools in the city for pupils to obtain a place at.

These beautifully presented apartments are set back from Bury Old Road. The apartments are situated off road and surrounded by landscaped grounds to give a feeling of peace, quiet and tranquillity. Located close to Manchester City Centre and nearby to desirable Prestwich these apartments combine the peacefulness of being just out of town with the practicality of City living. All apartments provided also come with allocated parking which is much sought after for commuters living in this area.

The above aerial shot demonstrates just how secluded the development (A) is, this is a real selling point for those tenants looking for ‘the quiet life’ when they get away from their jobs in bustling Manchester.

Location:

PROPERTY SPECIFICATIONS

Refurbished in 1996/7, these spacious apartments have been finished to the highest standard with no expense spared. Period features such as high ceilings and large windows make the Oaks truly stand out as a residential property and truly make these sought after flats in which to live. These apartments have all been thoughtfully designed to give them each a unique sense of character and individuality and the apartments are inviting and airy throughout.

	The units benefit from fitted kitchens finished to a high standard including electric hobs, oven and extractor fan along with tiling to the kitchen walls and splashbacks to all sinks. The kitchens have been tastefully finished to compliment the high quality of the development throughout.
The bathrooms are also finished to a high quality and feature showers over baths or shower cubicles to ensuites. All fittings are high quality steel and fixtures are contemporarily styled.

A number of these properties also come with the significant benefit of being sold complete with internal furnishings. Certain apartments have a full furniture pack appropriate to the apartment size in situ and this will be transferred to the buyer free of charge. This has dual benefits of both making it much easier to attract new tenants as they will not need to move in their own furniture and also potentially increasing the level of rent that can be charged for the units and therefore the yield. Please speak to your sales agent for confirmation of units that do/don’t have a furniture pack in place.

The details contained in this specification are for illustration only and may therefore not represent the actual specification. A policy of continuous development is implemented and individual features such as elevational treatments, room sizes and interior fittings may vary from time to time. Consequently these particulars should be treated as a general guidance only and cannot be relied upon as accurately describing any of the Specified Matters prescribed by any Order made under the Property Misdescriptions Act 1991. Nor do they constitute a contract, part of a contract, or a warranty. External treatments and landscaping are for demonstration only.

APARTMENTS AVAILABLE

In total, there are 20 apartments within the Oaks Development and we are able to offer 10 of these at a significant reduction from the current RICS valuation. The development only has limited parking but each of the 10 units we have on offer are able to boast an allocated space which makes them not only more valuable but also more desirable to current and future tenants. The apartments available are a mixture of 1, 2 and 3 bed units of varying sizes. The vast majority of the properties are currently tenanted and will offer cash flow positive returns from day 1 (subject to mortgage rates).

INVESTMENT SUMMARY

This investment is genuinely something different from that which you tend to see on a day to day basis. The Oaks is a truly high quality development in a desirable area that is being delivered at a significant discount from what is already a competitive price within the area. We feel that rental yields are likely to increase in the future (in fact, our letting agent has suggested that the current prices on many of the units could easily be improved upon) and that demand will stay exceptionally high due to the dual benefits the site provides due to its close proximity to Manchester, twinned with its ‘out of town’ feel. It is also felt that potential capital appreciation on these units is excellent as they are fairly unique within the area and demand is always likely to be high. An example of some comparables within the area can be seen below:

	£152,950 – 2 Bed apartment without ensuite This flat is located in close proximity to The Oaks but in what is in our opinion a considerably less attractive and desirable building. Details Link
	£149,950 – Modern 2 bed apartment without ensuite This is probably the closet comparable available in terms of quality of apartment and is located within 2 miles of the The Oaks. Details Link
	£179,950 – 3 bed apartment with garage This is the nearest comparable 3 bedroom apartment on the market and is located less than half a mile away from The Oaks. Again, it is our opinion that the building itself is considerably less attractive and desirable than The Oaks. Details Link

In terms of the benefits of this investment, the package that has been put together is as follows:

• 20% Genuine discount. We believe the pricing indicated for these units to be 100% accurate and extremely competitive as illustrated by the comparables above. In addition and for peace of mind, each investor will receive a 20% discount from the actual valuation that comes in on their unit and as such won’t be disadvantaged by any small variations in valuation.
• Low money down structure provided for just £1,000. We have put together this deal with a low money down structure that can be provided for just £1,000 (plus VAT) per unit to investors.
• Pre-tenanted offering. The vast majority of the units available within this development come pre-tenanted. That means that as an investor you need not worry about an initial void period and can start making money from your investment from day 1.
• Full furniture pack included with selected units. As previously mentioned, many of these units come with a suitable furniture pack in situ at no extra cost. This has the dual benefit of being a major selling point to potential new tenants and also potentially improving the level of rent that can be obtained for the units.

 

All in all, purchasing a unit within the Oaks really does represent a fantastic investment opportunity.

ENTRY COSTS AND CASHFLOWS

 

Example 1 Bed unit with 75% mortgage

 

EQUITY
Contract Purchase Price	£106,950
Discount Provided to Client (20%)	£21,390
Mortgage Amount (75%)	£80,212
Client Deposit Contribution (5%)	£5,348
Total Equity on Completion (25%)	£26,738

 

BUYING COSTS
Reservation Fee	£1,000
Mortgage Valuation Fee (approx)	£400
Legal Fees and Disbursements (approx)	£1,000
Bridging Fees for Provision of Structure	£1,000 +VAT
Mortgage Broker Fees	£TBC
Client Deposit	£4,348
Total Acquisition Costs	£7,898 + Broker Fee

 

CASHFLOW
Current Rental PCM	£475
Approx Mortgage Payment PCM (based on 4.35% rate)	£299
Monthly Contribution to Ground Rent & Service Charge (paid annually)	£73
Monthly Cashflow	£103

 

 

 

Example 1 Bed unit with 70% mortgage

 

EQUITY
Contract Purchase Price	£106,950
Discount Provided to Client (20%)	£21,390
Mortgage Amount (70%)	£74,865
Client Deposit Contribution (10%)	£10,695
Total Equity on Completion (30%)	£32,085

 

BUYING COSTS
Reservation Fee	£1,000
Mortgage Valuation Fee (approx)	£400
Legal Fees and Disbursements (approx)	£1,000
Bridging Fees for Provision of Structure	£1,000 +VAT
Mortgage Broker Fees	£TBC
Client Deposit	£9,695
Total Acquisition Costs	£13,245 + Broker Fee

 

CASHFLOW
Current Rental PCM	£475
Approx Mortgage Payment PCM (based on 3.84% rate)	£248
Monthly Contribution to Ground Rent & Service Charge (paid annually)	£73
Monthly Cashflow	£154

 

RESERVATION PROCESS

Units within The Oaks are available on a strictly ‘first come, first served’ basis. In order to reserve a unit on the site, investors will be asked to pay a £1,000 reservation fee which will form part of the final contract purchase price and as such come off the deposit required at completion. This fee will be non-refundable in the event of the investor withdrawing from the purchase but will be fully refundable if for any reason the property is withdrawn from the vendor’s side. If clients wish to speak with a mortgage advisor for qualification purposes prior to reserving then this can be arranged but investors should be aware that units cannot be ‘held to order’ for them until the reservation fee has been paid. In the event of a client being unable to obtain finance for the unit they have reserved their £1,000 reservation fee will be refundable.