Strong Off-Plan Sales At Salford Scheme

A new residential development in the heart of Salford has found strong demand from buyers and investors, with over 60% of the homes there now reserved off-plan.

In a prime central location, 10 minutes' walk from Victoria station and 15 minutes' from Manchester centre and Piccadilly Gardens, 55 Queen Street comprises one-, two- and three-bedroom apartments ranging in price from £163,000 to £448,032, with a 250-year leasehold. The Salboy development is scheduled for completion in Q4 2022.

The contemporary-design building has terraced gardens and amenities such resident workspace, yoga studios, a gym and a cinema media room.

Baljit Arora, director at agent Orlando Reid said: “There are very few developments with these kind of amenities in this area; it's not unheard of, but it is definitely rare for Salford. 55 Queen Street is attracting keen interest from buy-to-let investors wanting high rental yields – circa 7% for this development and excellent capital growth. We are also receiving many enquiries from end users, who want a central location with easy access to everything Manchester can offer.”

The tech revolution has brought thousands of jobs to the Salford area and pushed up property prices and rental values. Its transformation is centred round MediaCityUK, Europe's largest purpose-built media hub and home to the BBC, ITV and hundreds of other smaller, specialised technology and communications companies. The latest TechNation industry report shows that investment into this sector has increased by 277% in Greater Manchester since 2018.

Benefiting from government investment, Salford's regeneration has given rise to a flourishing local arts and culture, innovation, business and leisure environment, which includes the Lowry Theatre, Imperial War Museum and Salford Museum & Art Gallery.

Arora added: “To cope with the growing demand and volume of people looking to work and live in the area, there are significant plans in place to develop the local infrastructure and encourage economic growth. Consequently, house prices and rental yields are on the rise, making Greater Manchester one of the UK's premier destinations for investors.”

Find out more at www.orlandoreid.co.uk.

Find out more about current Salboy developments.

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