RIVERSIDE MILLS LEEDS
CONTENTS OVERVIEW
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LEEDS FOR INVESTMENT
06 - 09
LOCATION
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THE DEVELOPMENT
12 - 15
SPECIFICS
16 - 18
POTENTIAL
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PRICES & PAYMENT TERMS
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POTENTIAL FOR OVER 10% NET LONGEVITY AST’S SHORT TERM ACCOMMODATION CAPITAL APPRECIATION
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OVERVIEW An award winning development and a truly landmark scheme for the city of Leeds. Classic meets contemporary with a sympathetic restoration of historic flax mills, situated in harmony with modern new build architectural design. This is truly a development to consider, providing both the potential for strong yields and, in time, decent capital appreciation.
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LEEDS FOR INVESTMENT It’s difficult to examine Leeds as a property investment destination without also taking account of the fact that it sits at the heart of the wider Leeds City Region. This is the largest regional economy outside London, and the biggest contributor to UK GDP within the Northern Powerhouse. In recent years, Leeds has attracted huge sums of investment and seen a great transformation of its economy and infrastructure. According to Leeds City Council, it is now Britain’s fastest growing city, and its business communities are thriving. It hosts more than 32,000 VAT-registered businesses, over 6,000 SMEs, and considerably more large companies than the UK national average. Some of its major employers include Asda, First Direct, Centrica, BT, Direct Line and Yorkshire Bank - all supporting workforces of a thousand-plus.
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LEEDS FOR INVESTMENT This is great news for those interested in considering Leeds as investment potential and the property market in general. With good employment figures and inward investment this means more money in the hands of potential tenants and this in turn means an increase in people looking to move into better quality housing, and that has positive implications for the the house prices and rental values. A thriving economy tends to attract workers to the employment and this adds to demand in the rental sector, the consequence of which is prices should rise further.
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The city’s economy is worth around £18 billion per annum, and it’s grown by nearly 40% over the last decade. Add to that the billions more now in progress or ring-fenced for forthcoming infrastructure improvements and it’s clear that Leeds is on an upward path. The implications for property demand, rental yields and capital appreciation are all very promising. Moreover, with prices rising but still relatively affordable, now is an excellent time to be thinking about all the new property investment opportunities now arising in the city, Riverside Mills being one of those limited opportunities.
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LOCATION Located on Atkinson Street in the Hunslet area of Leeds, the site enjoys an excellent location adjacent to the River Aire and offers easy access to Leeds city centre and the wider motorway network. Riverside Mills is primely located in the South Bank regeneration area, one of the largest city centre initiatives in Europe. The concept is to Double the size of Leeds city centre by transforming the South Bank area of the city. The South Bank is already a successful and growing business, educational and residential destination. The regeration will double the economic impact of the city centre and eventually transform this area into a distinctive and leading Global destination for investment, sustainable living, learning, culture, creativity and leisure. The time to invest in this is now, at the beginning of this fantastic journey and Riverside Mills provides investors the
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THE DEVELOPMENT
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An award winning development and a truly landmark scheme for the city. Classic meets contemporary with a sympathetic restoration of historic flax mills, situated in harmony with modern new build architectural design.
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THE DEVELOPMENT
On completion the scheme will extend to 350 superbly specified apartments comprising a mix of one, two and three bedroom units. The plans also include rooftop penthouses and a convenience store.
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SPECIFICS COMMUNAL AREAS Floor: Carpet Walls: Plasterboard and painted, with 100mm timber skirting Ceiling: Plasterboard and painted Doors: Panelled/flush doors with polished chrome ironmongery Lights: Low energy ceiling lights Power Socket(s): Generous allocation of double sockets Radiators(s): Electric heating with Frost Stat Phone point: Entry Phone BATHROOM Floor: Floor covering Walls: Plasterboard and painted, to include some ceramic wall tiling around bath half tiling in other areas. Ceiling: Plasterboard and painted Doors: Panelled/flushed doors with polished chrome ironmongery Lights: Chrome down lighters LV Radiator(s): Heated towel rail Fixture & fittings: 1 x Bath 1 x WC 1 x Wash hand basin 1 x Over the bath shower 1 x Shaver point 1 x Toothbrush charger 1 x Shower screen KITCHEN Floor: Engineered Flooring Walls: Plasterboard and painted, with 100mm timber skirting Ceiling: Plasterboard and painted Lights: Chrome low voltage downlighters/pelmit lighting Power Socket(s): 4 x double sockets Radiator(s): None Phone Point: No Fixture & Fittings: Units to be designed and approved by Client 1 x Chimney hood 1 x Stainless Steel Sink 1 x Fridge Freezer 1 x Slimline Dishwasher 1 x Washer/Dryer 1 x Oven/Hob
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BEDROOM ONE Floor: Carpet Walls: Plasterboard and painted, with 100mm timber skirting Ceiling: Plasterboard and painted Doors: Panelled/flushed doors with polished chrome ironmongery Lights: 1 x pendant lights Power Socket(s): 4 x Double 1 x TV aerial point/phone point/ BT Point/Virgin Point Radiator(s): Electric panel heater EN SUITE Floor: Floor covering Walls: Plasterboard and painted, to include some ceramic wall tiling Ceiling: Plasterboard and painted Doors: Panelled/flushed doors with polished chrome ironmongery Lights: Low voltage downlighter Radiator(s): Heated towel rail Fixtures & Fittings: 1 x WC 1 x Wash hand basin 1 x Electric shower 1 x Shower enclosure 1 x Shaver point BEDROOM TWO Floor: Carpet Walls: Plasterboard and painted, with 100mm timber skirting Ceiling: Plasterboard and painted Doors: Panelled/flushed doors with polished chrome ironmongery Lights: 1 x pendant lights Power Socket(s): 4 x Double Radiator(s): One panel heater 1 x TV Aerial point/Phone Point/BT Point/ Virgin Point
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LEASE 250 Years GROUND RENT
£295 per annum
RPI Review
10 Years
SERVICE CHARGES
£667 - £992
WARRANTY 10 Years UNITS
74 Comprising of 1& 2 Beds
ONSITE WORKS COMMENCE In Construction PRACTICAL COMPLETION
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Q3 2020 / Q4 2020
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POTENTIAL The property is situated in an area of regeneration provding the potential for decent capital appreciation making this an ideal investment for the investor looking for longevity. For those looking for quicker returns this opportunity also provides in the form of the Corporate Let Model, as the lease allows for short term lets and this can increase NET yields from 5%-7% to over 10% - Please ask for further details.
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PRICES & PAYMENT TERMS PRICES Blended PSF:
From £142,500 to £215,000 £312
PAYMENT TERMS • • •
£5,000 Non-Refundable Reservation Fee 20% Deposit - Fully Protected - No Investor Funds on Risk 80% Completion Funds
RECOMMENDED PURCHASER’S SOLICITOR Georgina Walsh Sydney Mitchell Chattock House 346 Stratford Road, Solihull, B90 3DN PURCHASER LEGAL FEES £700 Plus VAT and Disbursement Inclusive of acting for a lender if required
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