Vulcan Works - Ancoats - Manchester
Outline
The Vulcan Works in Ancoats, on the northern edge of Manchester city centre, is an exciting combination of a refurbished and converted textile mill and a new purpose-built block. The development will provide 215 apartments, including both one-bedroom and two-bedroom units.
This development presents an exciting opportunity to secure instant equity and the potential of 3 years capital appreciation for little money down, by investing off-plan.
Key features
- Close to commercial heart of Manchester
- Excellent access to ring roads, motorway system and rail services
- 18% Discount on current valuations
- Exempt from stamp duty
- Values will be enhanced by surrounding residential and commercial regeneration
- Completes end 2007 - Benefit from capital appreciation over next 2 - 3 years
- Underground parking available
Investment highlights
- With 8% deposit, on an apartment discounted from £174,000 to £142,000, an investor will enjoy instant equity of £32,000 and an instant net gain of £20,000.
- With only 10% growth in value over 3 years until completion, investors can expect to enjoy nearly £50,000 equity and potentially realise a profit of £38,000 on completion (before charges), or take out an 85% LTV mortgage and enjoy a cash-back of £38000 while retaining 15% equity.
- The availability (subject to status and conditions) of bridging finance means that qualifying investors can enjoy these profits for little or no money down.
- Prices per square foot for this development are extremely competitive in relation to other Manchester city centre developments of comparable quality and location. This ensures an investment in Vulcan Works is extremely good value for money.
Background
Vulcan Works is a project by Artisan, who have already made a name for themselves locally with Albion Works and Advent, both also in Ancoats. Occupying the entire block bounded by Pollard Street, Malta Street, Harrison Street and the canal basin, Vulcan Works will boast a central landscaped area between the converted textile mill and the new build block that make up the development. Comparable developments in the locality include Jutland House, Vantage Quay, Royal Mills and Express Networks, all of which have proved popular with investors and owner-occupiers.
Tenure and charges
- Tenure: Leasehold - 250 years
- Ground rent: £150 pa (provisional)
- Service Charge: £1.25 per sq. ft. p.a. (provisional)
- Parking: Additional £15,000 per space (discounted from £17,500)
Specification
- General
- Hardwood veneered strip boarded floors to lounge, kitchen and hall
- Carpets to bedrooms, stairs (where applicable) and bathrooms
- Gas central heating
- Smoke and fire alarms
- Light fittings
- Secure telephone intercom system
- ISDN internet access available in all apartments
- TV socket, Sky and terrestrial TV available in all apartments
- Aluminium frame windows
- Kitchens
- Hardwood faced kitchen units
- Belfast Sink
- Dishwasher, washing machine, fridge freezer, oven and hob with overhead extractor unit
- Tiles or splashbacks to all units
- Bathrooms
- Fully tiled throughout
- Main bathroom: bath, WC and wash basin
- En suite: shower (with glazed screen), WC and wash basin
- Other
- Communal areas feature painted doors and carpeted floors;
- Residents lift
- 24hr security system
Purchase procedure
- £ 1,000 reservation fee (Does not form part of the deposit)
- 8% deposit payable on exchange of contracts (28 days)
- An arrangement fee of 2% of the discounted price must be lodged in our client account on reservation and is payable to The Investment Property Centre on exchange of contracts
Availability and Price
(All apartments listed below are located in the new build block to the south of the site)
| Apartment No. |
Floor | No of Beds |
Balcony | Sq. Ft | List Price | Discount Price |
£/sq. ft | Instant Equity |
|---|---|---|---|---|---|---|---|---|
| G.22 | Ground | 1 | Yes | 482.2 | Reserved | |||
| G.23 | Ground | 2 | Yes | 795.4 | £198,054 | £162,261 | £204 | £35,793 |
| G.24 | Ground | 2 | Yes | 710.4 | Reserved | |||
| G.25 | Ground | 2 | Yes | 709.3 | Reserved | |||
| 1.30 | First | 1 | Yes | 466.0 | Reserved | |||
| 1.40 | First | 2 | Yes | 798.7 | £204,467 | £167,727 | £210 | £36,740 |
| 1.41 | First | 2 | Yes | 798.7 | £204,467 | £167,727 | £210 | £36,740 |
| 1.42 | First | 2 | Yes | 798.7 | £204,467 | £167,727 | £210 | £36,740 |
| 2.30 | Second | 1 | Yes | 466.0 | Reserved | |||
| 2.40 | Second | 2 | Yes | 798.7 | £204,467 | £167,727 | £210 | £36,740 |
| 2.41 | Second | 2 | Yes | 798.7 | £204,467 | £167,727 | £210 | £36,740 |
| 2.42 | Second | 2 | Yes | 798.7 | £204,467 | £167,727 | £210 | £36,740 |
| 3.39 | Third | 1 | Yes | 466.0 | Reserved | |||
| 3.40 | Third | 2 | Yes | 798.7 | Reserved | |||
| 3.41 | Third | 2 | Yes | 798.7 | Reserved | |||
| 3.42 | Third | 2 | Yes | 798.7 | Reserved | |||
| 4.39 | Fourth | 1 | Yes | 466.0 | Reserved | |||
| 4.40 | Fourth | 2 | Yes | 798.7 | Reserved | |||
| 4.41 | Fourth | 2 | Yes | 798.7 | Reserved | |||
| 4.42 | Fourth | 2 | Yes | 798.7 | Reserved | |||
Disclaimer
The details contained in this brochure are for guidance only. Any photographs, illustrations, plans and sizes, only give a general indication of the proposed development. The developer operates a policy of continuous development and features, specifications and external treatments may vary. The developer reserves the right to alter any part of the development. Particulars described in this brochure should not be relied upon as accurately describing any specific matters. Tables, projections and profit forecasts, are provided for illustrative purposes only. Property values and assumed rentals can decrease as well as increase. No express or implied income claims are made herein. Neither The Investment Property Centre nor any of its partners, directors, employees or representatives will be liable for damages arising out of or in connection with the use of information provided in this document.
The Investment Property Centre is not providing financial advice under the regulations of the Financial Services Authority and we recommend that before making any decisions based on the information provided, that you should consult with either the specialist advisors introduced to you by The Investment Property Centre or take independent legal and financial advice.
Please note that any information we provide is based on current market conditions and research conducted by The Investment Property Centre. We cannot be responsible for future changes in the market or market conditions. Mortgage applications are subject to individual status and no guarantees can be made that any particular applicant will obtain a mortgage on these properties or the value of the mortgage they will be able to obtain.
Suite 123 | 111b
Piccadilly | Manchester M1 2HX