Rapid Sales at Luton Development Prove the Town is a Property Hotspot.
Our luxury apartment development, Park Crescent, in the heart of Luton has been a huge success since the official launch just over a month ago. We have attracted a wide variety of purchasers in this development in a very short time. The range of buyers include local owner-occupiers, overseas investors, parents buying for their children studying at Bedfordshire University, airport workers and commuters moving out of central London.
Attracting interest from owner-occupiers is of significant importance to any development as it ensures the residences are not oversaturated with buy-to-let landlords. If there are too many buy to lets in any one development then as a result the tenure has disproportionate number of tenants versus home owners. The ideal development has a mixture of both to create a sustainable community and a healthy living ethos.
More importantly, the number of home owners who have purchased speaks volumes about the location, layout and specification of the development.
Why do we say this? In simple terms, owner occupiers are much more emotional than investors who simply evaluate numbers where as owner occupiers put a lot more emphasis on build quality, location, amenities, transport links, layout and specification.
Some of our owner-occupier purchasers have been looking for a place to live for as long as 6 to 12 months so it is testament to this development that they have chosen Park Crescent as their new home.
As a buy to let landlord, while maximising your return on investment with minimal void periods is of paramount importance, we like to plan ahead and ensure clients of OffMarket invest also benefit from a simplistic exit strategy. This ensures their investment can be liquidated relatively quickly allowing our clients to access the capital they initially invested as and when required.
The exit strategy that is associated with the highest capital values being achieved is one where an owner occupier falls in love with a property and pays a top price for a place they are going to call their new home. While investments such as student apartments and commercial properties are solely linked to their rental returns and as such can be classed as having restricted capital growth potential, the highest capital gains are normally achieved by selling to end users.
When evaluating a purchase, Investors should carry out thorough due diligence and also pay attention to the size of the development they are considering buying in.
In this particular instance the development contains just 39 luxury apartments in a prime location where over 10,000 new jobs are being created at the nearby Luton Airport. Many of these people will be looking for a potential place to live in the coming years ensuring strong demand. High levels of employment in an area also allows people access to the finance required to purchase, which equally fuels capital growth as demand outstrips supply.
Many new employees at the airport will be transient workers, involved in construction or fixed term contracts. They will be looking to rent good quality residences while they are employed at the airport. The sheer numbers expected not just at the airport but among the expanding blue chip sector in Luton will ensure that landlords keep void periods to minimum levels and command a premium to achieve the highest rents possible. The site being developed on this link below is just 4 minutes walk to Park Crescent.
Running costs of small developments tend to stay relatively low ensuring that service charges do not escalate substantially which is a common theme in larger developments.
Our development is also directly opposite the main University of Bedfordshire Campus. The University has just climbed into the Times world rankings for the first time and we were pleasantly surprised to discover that over 100 different nationalities are represented in the University. As the university attracts more students from all over the UK and the world, another exit strategy is the resale of one of our apartments to overseas students whose parents spare no expense at ensuring their children are living in only the highest quality developments as close as possible to the campus. While there are thousands of new developments coming out of the ground in the UK with some developers understandably trying to maximise their profits, it's always an added bonus of buying in an existing building that is undergoing a refurbishment.
The development is within a stunning former government building and has the unique added feature of having superb 2.96 metre high ceilings (almost 10ft) that give each apartment an incredibly spacious feel.
Sadly for developers, extra ceiling height in an apartment doesn't award them any more money yet for the end user it provides a wow factor making the apartments stand out from the competition when it's time to rent or resell the property.
Award winning architects Marchini Curran associates, who have won a host of industry awards both in the UK and internationally have expertly designed each apartment at Park Crescent, optimising every possible piece of space available.
At OffMarket Invest, we undertake stringent due diligence and deal analysis to ensure every aspect of an investment is carefully evaluated to benefit our clients long- term investment needs.