Contemporary City Living with a 7% Per Annum Investment Return Assured for 2 Years
Leaving its commercial roots behind, Grove House will be converted into modern, functional residential apartments for both young professionals and families. The site is located in the established residential area of Old Trafford, just 1.7 miles South West of the City Centre, and is adjacent to Trafford Bar Tram stop providing easy access to the city, Old Trafford football and cricket grounds and Media City. Architects have designed each apartment with today’s discerning tenant in mind, offering well planned accommodation with enough room to socialise and live. The contemporary fixtures and fittings are designed specifically for Grove House to provide a modern and resilient finish to each apartment.
One bedroom prices start from £99,995.
Two bedroom prices start from £130,995.
About Grove House:
- 72 units over 9 floors
- A mix of modern 1 and 2 bedroom apartments
- Quality fixtures and fittings
- Secure entrance, on site car parking and landscaped areas
- 7% Investment Return Assured for 2 Years
- Located in Old Trafford, just 1.7 miles South West of Manchester City Centre
- 2 minutes’ walk to Trafford Bar Tram stop with quick links to the city centre, Old Trafford Football stadium and Media City
- A range of nurseries and schools within walking distance; ideal for young families
- A sustainable energy efficient building that will remain environmentally friendly for years to come
- 999 Year Lease
- Just a 20 minute walk to Manchester United football stadium
Ground rent prices are detailed below:
1 bedroom £300 per year
2 bedroom £350 per year
Furniture Pack:
As part of your purchase, you will be required to purchase one of our furniture packs. The price will be determined by the number of bedrooms in the property;
1 Bedroom £2,500 (incl. Value Added Tax)
2 Bedroom £3,000 (incl. Value Added Tax)
What income will I receive
The rental you will receive will be in the region of 7%. For the first 2 years Harper Brooks (the appointed management company) will fully manage your property and account for all service charges. Ground rent will be deducted.
How and when will I receive my income
On completion of your apartment you will have the option to appoint Harper Brooks to manage your apartment and account for all service charges for an initial period of two years. Harper Brooks would have pre let your apartment so upon completion a suitable Tenant can occupy. Harper Brooks will take rental payments on a monthly basis and pay to you every quarter in arrears.
What happens if my apartment is empty
During the first two years Harper Brooks will account to the developer for any void periods.
What happens after the two year management agreement
After the initial 2 year period you are free to make other arrangements or agree renewal terms with the on-site agent. Please note, standard service charges will become payable.
Can I live in the apartment myself
Yes, either yourself or anyone you choose may live in the apartment. However, if you opt out of the initial management agreement then standard service charges become payable. The yield would also not be payable.
Who will manage the development
The Development will be managed by Harper Brooks, a company which specialise in managing rental accommodation.
Can I manage the apartment myself
Yes you are able to manage the apartment yourself. However you will still be responsible for paying for the standard service charges, and you will not receive the guaranteed yield.
Service charge
A service charge is a payment made by the leaseholder to the landlord for all the services they provide. This will include maintenance, repairs and building insurance. Service charges for Grove House for the first year is £0.95 per ft2.
The leaseholder is not liable to pay these charges for the first two years. After the two years the leaseholder will need to pay. These are due quarterly.
Payment Options
Option A: 50%/30%/20%
Pay reservation fee, upon exchange pay 50% (less reservation fee) a stage payment of 30% (due 90 days after exchange) and a final payment of 20% upon completion.
This option includes a 4% Coupon on deposited monies from exchange to Practical Completion. This will be balanced and deducted on your completion statement.
Option B: 50%/50%
Pay reservation fee, upon exchange pay 50% (less the reservation fee) and a final payment of 50% upon completion.
This option includes a 4% Coupon on deposited monies from exchange to Practical Completion. This will be balanced and deducted on your completion statement.
Option C: 80%/20%
Pay reservation fee, upon exchange pay 80% (less the reservation fee) and a final payment of 20% upon completion.
This option includes a 6% Coupon on deposited monies from exchange to Practical Completion. This will be balanced and deducted on your completion statement.