Market Analysis Shirethorn Project. Ferensway
SHIRETHORN. FERENSWAY. THE PEOPLE
THE PROJECT
THE AREA
THE APARTMENTS
THE FIGURES
THE COMPETITION
ABOUT LIME
6 REASONS
THE PEOPLE
PAUL GREEN MNAEA Having founded the first and original Sales and Lettings Agency specifically for Hull City Centre and City Living specialists I have overseen many residential projects in the City Centre. Assisting the design teams of the various developers to ensure the product they bring to the market is fit for purpose and more importantly will sell or let in the current market.
FREDA DEAN MNAEA – HEAD OF SALES Freda brings many years of experience of managing busy Estate Agent operations achieving outstanding results along the way. Known by her peers as being one of the most passionate mangers in the region her pride in the work she des cant help but being noticed. Couple this with vast knowledge gained in both corporate and independent Agencies with the Hull and East Riding Area Freda’s ability to guide your buyers through the Sale Process always provides the necessary results.
SAM HUMPHREYS MARLA – HEAD OF LETTINGS With the fast paced environment of City Centre Lettings Sam’s enthusiasm and desire to succeed is the reason he joined the team at Lime. Having served his time in both Sales and Lettings agencies and quickly progressing to Letting manager at a young age we managed to bring this enthusiasm and experience to our Single Applicantteam. Sam and his Lettings Team £150 are consistently at the Joint Applicantstop of the Rightmove league of lettings £175 for the Hull Area. Single Applicant with Guarantor £175 Joint Applicant with Guarantor £200 Tenancy Renewal Fees £25
THE PROJECT
Shirethorn Project. Ferensway Hull The project is a development of ONE and TWO bedroom Apartments with Parking in Hull City centre located very close to the major new transport interchange and St Stephens Shopping Centre.
The Drawings suggest a good number of Parking Facilities
THE AREA
Hull Hull & Humber's position is truly at the heart of the UK, with the city being an equidistant 200 miles from London and Edinburgh, 100 miles from Manchester and less than an hour's drive from Leeds and York. We have excellent road links, 2 international airports and a thriving ferry terminal that handles over a million passengers a year as they pass to and from Europe. It's easy to see why our connectivity is attracting investment from across the UK and Europe. • A population of over 900,000 in the Hull & Humber area. • Around 25,000 companies employ a labor force of more than 400,000. • 42% of the population is under 35 years of age compared to 34% nationally. • Population is expected to grow by 10% by 2021. • Almost half the workforce is classified as managerial, professional or skilled. • 1 in 5 people are qualified to degree level or higher. • The University of Hull has maintained a place in the 'Top 10 Higher Education Institutions for Graduate Employability' year on year.
Hull City Centre
"
Whether you are looking for places to shop, places to eat, relaxing activities and enjoyable attractions, in Hull City Centre you will find what you are looking for. Vast investment is creating a diverse offer and making the city a popular destination for all kinds of activity. Hull has eight free museums, The Deep, Hull Truck Theatre, new retail and leisure centers and many places to eat and drink in Hull are all waiting to be discovered - all the ingredients for a perfect city.
THE APARTMENTS
The Apartments With a basic but functional layout proven many times to be popular with single occupants or young couples we suggest the layouts will suit the market for one bed properties in Hull City Centre. The requirements of modern buyers and tenants places a large amount of pressure on the specification of the finish. Modern bathrooms with Showers and fully integrated High Specification kitchens are an absolute minimum requirement.
One Bedroom
+ • • •
Functional Recognised Layout Clear separation of Living/Kitchen space Adequate bedroom storage
− • •
Lack of Storage in Hallway Boiler cupboard?
Two Bedroom
+ • • • •
Functional Recognised Layout Clear separation of Living/Kitchen space Large Kiichen Good Hallway Space
− • • • • •
Boiler cupboard? Second bedroom not double Kitchen layout could be smaller to house breakfast bar Bathroom seems too big, the space would be better in bedroom. Two bed apartments let better with ensuite shower rooms.
THE FIGURES
Summary of the Development Due to the recent market conditions throughout the world and the region there has been a lack of new build apartments in Hull City Centre in the past 6 years. Sales and rental demand is still evident provided the product is fit for purpose and utilises modern technologies in both specification and design. Whilst we understand the market in Hull doesn’t afford ultra High Specification property on the scale proposed here we would suggest that it has to stand out from the crowd in order to achieve successful sales and/or subsequent lettings. We would suggest the mix of apartments given the layouts proposed may provide for too many One Bed properties at this time and consideration should be given to more Two Bed properties or even a variation to the layout of the One bedroom layout to provide some larger units to appeal to the higher end executive market. The higher floors could possibly be considered a location for these. Parking is always an issue with new build City Centre apartment but we feel the number shown in the drawings provides adequate parking provision for the scheme given its proximity to the transport interchange and its strategic location in the City Centre.
£400 - £425 £475 - £495
The Monthly Rentals for One Beds
The Monthly Rentals for Two Beds
The Average Sale for a One bed
The Average Sale for a Two bed
£90,000 £105,000
The Above Figures represent the Market Values in Todays Market for scheme shown based on the drawings provided.
THE COMPETITION
The valuations given are based on a number of assumptions as described in the basic specification outlined. Hull City Centre has a diverse range of Apartments of which we Sell, Let and Manage on a regular basis. Some examples are shown here together with how they compare with the scheme in question. The two examples given are located very close to the subject site but are very different in performance. Kemley House: A scheme of one, two and three apartments developed by a local builder directly adjacent to the site in question. Over time this development has gained a poor reputation due to lack of building management at the initial outset and has therefore gained a reputation of being lower end. High Service charges reduces l Landlords yields and also generates lower rents as Landlords accept low quality tenants. Average one bed - £65,000 and £350pcm Average two bed - £75,000 and £450pcm Brook Chambers: A relatively new conversion into 22 luxury apartments less than 50m from the subject site all built to let by one developer. All apartments were occupied within 6 weeks of launch due to high quality fixtures and fittings and varied layouts offering a broad range of choice. Average one bed - £95,000 and £525pcm Average two bed - £1250,000 and £575pcm
Urban One
A large scheme of 70 Apartments with half sold off plan
to investors and half owned by the developer. The investor sold apartments originally have performed well despite the inflated prices paid. The main issue with the site was the lack of maintenance and management of the site and the 35 apartments held by the developer. Low quality tenants in these apartments eventually brought the rents down and sale prices struggled as a result. Now in the hands of the receivers the 35 apartments will be sold as one bulk sale.
Average one bed - £50,000 and £400pcm Average two bed - £65,000 and £495pcm
ABOUT LIME
Well done.... you have found your destination. As the regions fastest growing Estate and Letting agent, Lime and Zest Property is part of a group of agencies that exceed expectations in everything we do. Our people, service and attitude to excellence is what we know is our biggest attribute. Hook this up with ground breaking technology, marketing expertise and simple drive to constantly be the best delivers a recipe for success. Others often copy us and we are proud of it!
6 REASONS
The Pod St Andrews Quay Hull HU3 4SA 01482 216060 www.lime-property.co.uk
626 James Reckitt Ave Hull Hu8 0LG 01482 216070 www.movewithzest.co.uk