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COURT
HALIFAX, WEST YORKSHIRE, HX2 8NX
Executive
SUMMARY HOME COURT - THE NEWEST RESIDENTIAL OFFERING IN HALIFAX Designed with the local demographic in mind, Home Court brings a new standard of living to Halifax with 101 contemporary 1 & 2 bedroom city apartments. Set to be the most desirable place to live in Halifax, Home Court will form its own new community of young professionals, key workers and graduates creating a young and vibrant culture in the local area. The development will answer the Local Authority call for more high quality accommodation and meet the increased rental demand currently growing in the region. Home Court will be the first of its kind in Halifax - an asset for the City as well as the investor. Apartments are presented to investors title ready, leasehold and at a low entry level below market value.
PRINCIPLE FEATURES • • • • • •
1 and 2 bed apartments from £65,000 and £75,000 8% ROI per annum 3 Years GRR paid in advance Title ready 6 Months between exchange and completion Free Legals & furniture (if exchange within 21 days)
HALIFAX HOME TO SOME OF THE UK’S BEST-PRESERVED GEORGIAN AND VICTORIAN LANDMARKS The historic town of Halifax is situated in Calderdale and is ideally located on the gateway between West Yorkshire and Greater Manchester. HERITAGE
There are many imposing and beautiful buildings that reflect the changing forces that have shaped Halifax, a town that retains one of the most complete Victorian townscapes in Britain. Minster Church of St John the Baptist, one of the Greater Churches of England has been an integral part of Halifax’s history for over 900 years. Halifax Minster is steeped in history - take a guided tour to learn more about The Minster’s fascinating story and take time to enjoy one of the many events that take place throughout the year.
TRANSPORT
Parliament, is an iconic feature of the town. The splendour of the intricately detailed tower and steeple is matched by the interior, with a galleried central hall lit from above by a multi-domed painted glass roof. ‘Architecture Today’ magazine has placed Halifax Town Hall in the top 10 town halls to visit. Additional attractions in the town centre include; The Piece Hall, Victoria Theatre, Halifax Borough Market, Square Chapel, the gothic remains of Square Church and the magnificent former merchant’s mansion Somerset House.
Halifax is situated around 4 miles (6 km) from the M62 motorway close to Bradford, Huddersfield and Rochdale. The Tees-Exe line passes through the A641 road, which links nearby Brighouse with Bradford and Huddersfield, placing the town 65 miles (105 km) from Liverpool, 170 miles (270 km) from the cities of London, Edinburgh and Cardiff. Access to the town is provided by the M62, approximately four miles south of the town centre.
Grade II* listed Halifax Town Hall, designed by Sir Charles Barry who later designed the Houses of CULTURE & ENTERTAINMENT
Theatre lovers and gig goers will be drawn to the ornate Victoria Theatre and its varied calendar of performances, while fans of classical music will welcome the chance to catch Halifax’s historic choral society. For a change of pace, visitors can head to the recently renovated Square Chapel: Centre for the Arts, and experience everything from comedy workshops and world music, to contemporary dance. With The Shay Stadium only a short walk from the town centre, rugby league and football fans can look forward to lively Halifax Blue Sox and Halifax A.F.C fixtures. The annual Rushbearing festival held in Sowerby Bridge also comes highly recommended, with its eclectic mix of Morris dancers and musicians from around the UK. The 20-acre site of Dean Clough was once the largest carpet factory in the world. Today, Dean Clough is nationally renowned for its commitment to the arts, with nine public spaces devoted to galleries displaying a rolling art programme. Also on site are the Viaduct Theatre, home of Northern Broadsides Theatre Company, Viaduct Cafe, Design Shop, Design House Restaurant and the award-winning Cooking School at Dean Clough.
KEY ATTRACTIONS 03 VICTORIA THEATRE
Situated in the heart of the bustling Halifax Town Centre, this thriving theatre prides itself on an exciting and varied programme of live events from ballet to cutting-edge comedy and live music. With a choice of 1,512 seats over three levels: Stalls, Circle and Balcony, no obstructive pillars and raked seating on every level, the Victoria Theatre has the size and magnificence for a sensational theatre experience for everyone.
01 HALIFAX PIECE HALL 04 SHIBDEN HALL
Halifax Piece Hall is unique. This Grade I listed Georgian masterpiece opened in 1779 to provide a spectacular market place for Halifax’s trade in cloth. Events of all kinds take place throughout the year, from festivals and concerts to bike rallies and markets.
Nearby Shibden Hall & Estate offers 32 hectares of informal gardens and woodland. Explore the 15th century, Grade II* listed hall, take a ride on the miniature railway, enjoy the boating lake, play pitch and putt, have fun the children’s play area and relax at the Shibden Mereside Cafe & Visitor Centre. Craft fairs, exhibitions, live entertainment and other events take place throughout the year.
02 HALIFAX BOROUGH MARKET
Winner of Best Market in the UK in 2008, Halifax Borough market is a huge, bustling and friendly market in an exquisite Victorian Grade II listed building. Alongside traditional family butchers, fishmongers and fruit & vegetable stalls visitors and residents will find prize-winning pies, a bounty of exotic produce from the continent, vibrant flower shops, sweet stalls, haberdashers and much more.
Investment
MARKET A PLACE TO LIVE, WORK AND VISIT – HALIFAX IS AN ENVIRONMENT FOR GROWTH, BUILDING ON THE AREAS EXISTING STRONG LINKS WITH THE FINANCIAL AND PROFESSIONAL SERVICES SECTOR.
Halifax is part of the Leeds City Region (LCR) and the Leeds City Region Local Enterprise Partnership, and is also developing close links with the Manchester City Region. This reflects its important strategic location, ensuring that it is able to take advantage of the growth agenda for both areas. Due to its strong association with the banking and financial services sector, Halifax and its hinterland has become a key strategic economic driver not only for Halifax, but also for the wider Leeds City Region. This in turn has stimulated medium size enterprise and small business activity, employing 25% of the workforce in the wider area making the town important to the whole of the western part of the Leeds City Region.
The local council has initiated a fantastic initiative to build further on this effect by developing Halifax and its surroundings as a business and residential location of choice; exploiting the knowledge economy base, the tourist potential of locations such as Piece Hall and the potential for development of a tertiary education section via the re-location of University facilities into the town.
EMPLOYMENT
REGENERATION
Halifax is a major employment area, with a traditional economic base founded on textiles, engineering and manufacturing. In recent years, service industries have overtaken manufacturing in terms of employee numbers.
Halifax town centre is undergoing a major transformation, with a £100m programme of proposed investment by Calderdale Council and its partners. The town has a long history and has many beautiful listed buildings, which are of national importance.
The town hosts an impressive number of financial and professional services companies, including Lloyds Banking, RSA Insurance and Covea Insurance as well as other large employers including Nestle. It is also home to Eureka!, the award winning national children’s museum. Over 90,000 people live in the Halifax urban area, and the latest census reports show that around 90% of those aged 16–74 are employed in the region, mostly full-time with over 64% of residents holding qualifications. The Leeds City region is committed to sustaining the existing high quality employment offer in Halifax and has recently secured the continued presence of international banking institutions in the area as a whole. Employment in the financial services has increased significantly (the Lloyds Banking Group is the single biggest private sector employer, 6,300 in 2009) and tourism-related jobs have risen, supporting the equivalent of 3,300 full-time jobs.
The soon to be completed Broad Street Retail and Leisure Complex development and the introduction of a direct rail link to London from Halifax, as well as advanced discussions to implement major public sector investment in the Piece Hall, signal plans are already in motion for future regeneration in the area.
Property
FORECAST In tandem with the UK forecasted to be the ‘fastest-growing Western economy’ in Q4 2013 by ICAEW (the body representing English and Welsh accountants), the nation’s property market is starting a new cycle and once again on an upward curve. But it is the growth in the private rented sector over the last decade, which should be of real interest to investors. According to the 2011 Census, the PRS has grown by 2 million households since 2001 with up to 1 million new PRS households expected in the next 5 years according to the latest Savills research. This growth will inevitably result in even more pressure on rental stocks, pushing rental prices up further – a highly attractive proposition for prospective buy-to-let landlords. With Savills expecting rents to rise by 21% over the next 5 years, interest rates remaining low and buy-tolet mortgage finance more widely available, now is the perfect time to invest in a UK buy-to-let property.
HALIFAX MARKET
MIXENDEN PROPERTY
A review of the housing offer in Greater Halifax, extending around the town, illustrates a series of development opportunities interspersed with areas of older housing needing refurbishment and upgrading.
On average, 55% of households in the direct area of Mixenden generate an annual gross income of below £15,000, with rental prices between £440 - £640 PCM for 1-bedroom accommodation.
In 2010, there were 41,419 households in the Halifax area – since then, housing stock has increased 10% with 64% of stock designated to social housing.
The local area price index remains on track with the rest of England and Wales, steeply rising between 2002 and 2009 and remaining stable thereafter. Sales volumes dipped after 2009 around the time the recession hit, affecting property prices across the UK, however have since gradually increased.
Based on current trends within the region, the average household size in Halifax is expected to reach 2.12 by 2031. This trend, along with projected growth in the population, is a major consideration for the provision of high quality, private sector accommodation in the area. A recent Strategic Housing Market Assessment (SHMA) by the GVA forecasts that over the next 5 years: • Halifax will need to provide a NET annual housing need • •
• •
of approx. 641 dwellings per annum The area will experience an annual growth rate of 860 households Private sector and intermediate products will become increasingly necessary in absorbing demand for new household formation 60% of new households will rely on private rented housing 30% of the private rented sector will look towards home ownership
Within a 10-hectare radius, the population density is 49 people per hectare – fairly typical to that of similar sized areas across the UK – and the average resident demographic is young, reportedly single, and employed in either a professional or leisure role. • • • • •
Over 41% of residents are reported single Median age of residents is 30 11% Managers, 17% Professionals and 21% Leisure/Catering Local Price Index of 179.3 (latest figure as of March 2014) Sales volume of 283 (latest figure as of January 2014)
Home
COURT ORIGINALLY BUILT IN THE EARLY 1960S, COMPRISING 101 CITY APARTMENTS, HOME COURT IS NOW THE MOST DESIRABLE PLACE TO LIVE IN HALIFAX. Central between the city centre and the rolling hills of the Yorkshire Dales, Home Court offers the perfect location for those seeking that ideal work-life balance. In total, 101 flats cluster around a central stair core offering unrivalled views over the city, surrounding hills and Mixenden Reservoir just a short distance to the north. The building is located in an established residential area set within a secure gated site benefiting from mature planting and open grassed areas.
Apartments at Home Court are beautifully finished, larger than average, and completed with the utmost style. Space and privacy go hand in hand, with each completely self-contained apartment fitted with a fully integrated kitchen and stylish en-suite shower room so that residents do not have to compromise on space. Sophisticated finishing touches have been introduced alongside carefully thought interiors to find the right balance between style and comfort, making apartments the perfect mix.
Interior Design
SPECIFICATION
STANDARD 2 BED UNIT
INTERIOR FINISHES •
Industrial floor paint with non slip rubber nosings to corridor/stairs
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Matt white painted ceiling finishes and walls in Dulux soft white finish
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Wood effect laminate flooring to entrance
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Skirting and architraves in Dulux satin white finish
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Solid fire rated doors with Dulux grey finish and polished chrome handles
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Door entry system with two way speech facility and call panel
KITCHENS
STANDARD 1 BED UNIT
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Contemporary Technik Oak effect kitchen
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Fitted worktop and splashbacks
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Wall mounted and base units
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Free standing oven with integrated 4 ring induction hob
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Standard stainless steel finish, or similar, undermounted sink with double drainer and polished chrome mixer taps
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Large format ceramic floor tiles in 4 colour options
BATHROOMS •
White Vitreous enamel coated steel bath
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Leico Atlas polished chrome taps throughout
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Wall mounted chrome shower head over bath with flexi hose
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Large format wall tiling in 4 colour options to length of bath, half height to remaining perimeter
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Deck mounted chrome thermostatic bath/shower mixer tap
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Contemporary ceiling lighting pendant fitting
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Ventilation ceiling mounted extractor fan
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Chrome siderail kit and clear glazed shower screen with polished chrome frame
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Electric vent heater by Vent Axia above door
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Large format ceramic floor tiles in 4 colour options
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White Vitreous china wash-hand basin with semi-pedestal
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White Vitreous china WC with dual action push flush
BEDROOMS / HALLS / LIVING AREAS •
Pre-wired for BT and broadband; Freeview, SKY and DAB radio services available
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Fitted carpet in neutral off white
TOWN CENTRE
EUREKA! NATIONAL MUSEUM
HALIFAX BOROUGH MARKET
SHAY STADIUM
SHIBDEN HALL
THE PIECE HALL
HALIFAX TRAIN STATION
VICTORIA THEATRE
WEST END GOLF COURSE
LOCALITY Set amongst Halifax’s thriving community, Home Court occupies a prominent position on the edge of the city centre on Dodge Holme Close, which runs off Mixenden Road.
ATTRACTIONS
Town Centre Eureka! National Museum West End Golf Course Halifax Borough Market Shay Stadium Shibden Hall The Piece Hall Victoria Theatre
All main retail, leisure and transport facilities are in close proximity providing superb access for city workers, young professionals and commuters alike.
DISTANCE
TIME (WALKING)
3.4 miles 3.2 miles 2.5 miles 3.2 miles 3.3 miles 3.1 miles 3.2 miles 2.9 miles
9 minutes 10 minutes 8 minutes 11 minutes 10 minutes 8 minutes 11 minutes 10 minutes
3.2 miles
9 minutes
TRANSPORT
Halifax Train Station
The
INVESTMENT FINANCIAL SUMMARY FLOOR
TYPE
SIZE
SALES PRICE
UPFRONT GRR
AN INNOVATIVE APPROACH TO TRADITIONAL UK INVESTMENT
Podium- Eleventh Podium- Eleventh
1 Bed 2 Bed
528 Sq.ft 677 Sq.ft
£65,000 £75,000
£18,540 £21,060
Tailored to meet the needs of our investors, Home Court have created an investment package unlike any other currently on the market.
Twelfth Twelfth
1 Bed 2 Bed
528 Sq.ft 677 Sq.ft
£68,250 £78,750
£19,440 £21,960
Thirteenth Thirteenth
1 Bed 2 Bed
528 Sq.ft 677 Sq.ft
£71,663 £82,688
£20,160 £22,860
Fourteenth Fourteenth
1 Bed 2 Bed
528 Sq.ft 677 Sq.ft
£75,246 £86,822
£21,060 £23,760
Fifteenth Fifteenth
1 Bed 2 Bed
528 Sq.ft 677 Sq.ft
£79,008 £91,163
£21,960 £24,840
• • • • • •
8% ROI per annum 3 Years GRR paid in advance Title ready 6 Months between exchange and completion Free Legals & furniture (if exchange within 21 days) 5% Interest paid on deposit monies
UP-FRONT YIELD CALCULATION
BUYER INFORMATION
Unit Type Floor Size Price
1 Bedroom Podium 528 Sq.t £65,000
2 Bedroom Podium 677 Sq.ft £75,000
Reservation Fee Exchange Deposit Completion Balance
£2,500 £32,500 £27,500
£2,500 £37,500 £32,500
Annual Rent Management Fee Ground Rent
£6,180 £700 £300
£7,020 £700 £300
Home Court allows investors the peace of mind to enjoy all the benefits of a secure UK property investment, without having to worry about management and occupancy.
Net Annual Income % ROI GRR Paid in Advance
£5,180 8% £15,540
£6,020 8% £18,060
The management team will take care of the complete running of the property, from the securing of new tenants to general maintenance, 24-hour on-site security and daily operations.
There are no additional fees associated with your investment, other than the Legal fee. The Legal Fee is approximately £1,500 per unit, however this is waived if investors exchange within 21 days. The management costs of £700 and ground rent of £300 are charged annually.
HASSLE FREE MANAGEMENT
Home Court believe that by starting with a truly affordable rental pricing position we can provide: •
Increase rental incomes over several years (in line with inflation and sensible growth)
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A maintained position of the most affordable accommodation (in that geographical location)
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A secure investment with minimal uncertainties
Purchase
PROCESS 01
02
03
RESERVATION
EXCHANGE
COMPLETION
£2,500 is taken as a reservation for a property.
This is when you receive the title of your property, registered on the UK land registry.
The final stage.
Alongside this, you must complete a reservation form with the help of your Agent. Once you have completed the reservation process, Legal packs will be sent to you and your UK based lawyer. If required, a UK lawyer will be recommended to you to help you through this simple process.
To do this, your UK Lawyer will ask for 50% of the property value. Once this is received, your UK Lawyer will process the application on your behalf.
Once a third party confirms the construction is complete, your UK Lawyer will ask for the remaining balance. At this point you will receive your 3 years rental income in advance.
If you send the 50% within 21 days from signing your reservation form, AVRO Developments will pay your UK Lawyer fees and furnish your property for free - equating to a saving of £3,200.
The leasehold term on Home Court is 250 years. This starts from the day of completion. After the 250 years a new lease will be negotiated to extend for a further 250 years.
To help explain what leasehold means, please see below a statement from the UK Governments Land Registry: You’ll have a legal agreement with the landlord (sometimes known as the ‘freeholder’) called a ‘lease’. This tells you how many years you’ll own the property. Ownership of the property returns to the landlord when the lease comes to an end. Most apartments in the UK are leasehold.
Frequently Asked
QUESTIONS ARE UNITS FURNISHED?
No - rooms are available furnished at an additional cost of £2,000, however this fee is waived if investors exchange within 21 days. ARE UNITS FREEHOLD?
No. Units are leasehold from January 2014 and offered title ready. WHO WILL MANAGE THE PROPERTY AND MY UNIT?
The management team at Home Court will fully manage each property and maintain the building. WHO WILL HOLD MY RESERVATION FEE?
The reservation fee of £2,500, and the subsequent balance payment, are all transferred to the lawyers account, and kept there until exchange & completion. IS THERE A LEGAL FEE?
Yes - the Legal Fee is approximately £1,500 per unit, however this fee is waived if investors exchange within 21 days. DOES THE SAME LAWYER REPRESENT THE DEVELOPER AND THE PURCHASER?
No - the lawyer representing the developer will not be able to represent the buyer. We have selected a few legal firms in UK, based on their credibility and experience, to represent the buyers. The buyer has the option to use a legal firm of the buyer’s choice as well, as long as the firm has license to perform conveyance of UK properties. In this case, we are not able to advise on the legal fee, or provide any legal fee discounts. DO I HAVE TO TRAVEL TO THE UK TO SIGN THE CONTRACTS?
No - the lawyer can email or courier the contracts to wherever you are. But the signed original contracts need to be couriered back to the lawyer in UK. ARE THERE ANY WEBSITES THAT I CAN USE TO CHECK THE EXISTENCE OF LEGAL FIRMS IN THE UK?
1. The Law Society is a representative body of UK solicitors: www.lawsociety.org.uk 2. The Solicitors Regulation Authority (SRA): www.sra.org.uk
WHEN WILL I START RECEIVING MY RENTAL INCOME?
Rental income is calculated from the day the title is transferred to the new buyer. ARE THE RENTS PAID ANNUALLY?
The rents are paid up front.
For further information and availability on this project please call: +44(0)20 3291 3237 and select option 4 or Email info@africapropertyinvest.com www.africapropertyinvest.com All rights reserved API Worldwide Ltd Company No: 9298962 registered in England and Wales. Part of the SFA Worldwide Group. Registered office Vulcan House, Restmor Way, SM6 7AH
All information contained in this brochure is correct at the time of print, API Worldwide Ltd are marketers and work for and on behalf of Avro Developments limited