Following the selling out of X1 Salford Quays Phase 2 in a record 30 days, the third phase has been launched in response to high demand from investors. Comprising a mix of one and two bed apartments over five floors, X1 Salford Quays Phase 3 will hope to mirror the success of the previous two phases launched in the area. A high number of clients have already registered their interest on hearing about the launch of the third phase and we expect demand to be high for the 60 units. Phase 3 is located in the constantly growing area of Salford Quays, which now houses the BBC and ITV at the new £1bn MediaCityUK site.

 

Investment options for this development are:

 

1-bedroom apartments Priced at £97,500

1-bedroom apartments (Penthouse) Priced at £105,000

2-bedroom apartments Priced at £117,500

2-bedroom apartments (Penthouse with parking) Priced at £137,000

 

Financial projection of 2-bed apartment* (Purchase Price £117,500)

Est. Monthly Rent £750

Est. Annual Rent £9,000

Est. Maintenance fee £1,159

Est. Management fee (8%) £720

Est. Ground rent £250

Est. NET income £6,871

Est. NET yield 5.8%

 

What you need to know

 

Am I buying as freehold or leasehold?

135 years leasehold

 

What is the address of the site?

X1 Salford Quays Phase 3, Elmira Way, Salford, Manchester, M5 3DA

 

Are these apartments completed?

No. This is a new-build development which will be furnished to the highest of standards and will be ready to accept residents from Q1 2016

 

What are the projected annual returns?

Returns of up to 6% NET are assured for the first year

 

Can I receive finance on this development?

There is currently no finance offered by the developer

 

When is my rental income paid?

Quarterly in arrears, direct into your bank account from completion

 

Is there a management company in place?

Yes, the designated management company will be X1 Lettings

 

Can I resell my unit?

Yes, you can sell at any time after exchange of contracts

 

Are there any restrictions if I want to sell?

No, X1 Salford Quays Phase 3 is a residential development, so you are free to sell your unit on the open market

 

For more information please contact O'Neil Property Services.