Delph to start Hallmark sales
Delph Property Group is to hold virtual reality viewing for off-plan investors at its Manchester scheme, The Hallmark, describing the local housing market’s growth as “quick but consistent”.
The 15-storey building comprises 145 apartments in the Green Quarter area close to Victoria station. Work started on-site in January and is currently at the piling stage. Completion is expected in 2019.
The main selling point of Delph’s scheme is that only a 10% deposit is needed to secure an apartment, lower than that of most developers. To guarantee purchasers’ security, the deposit will be held by solicitors as stakeholders until completion of the development.
A pre-launch event will be held at the nearby Park Inn by Radisson Hotel on 22 June, while the building will be launched to the public over three days from 23 June, with VR headset tours available.
Richard Forman, head of sales and marketing at Delph, said: “The property market in Manchester is growing quickly but consistently. In fact, the city has experienced some of the strongest house price growth in the country, rising some 6.4% in 2016 – far outstripping London and making it an ideal investment opportunity.
“The strength of our business means that we’re in the position to be able to offer a much lower deposit than many other developers in the city, which is also fully secured.”
Prices will start from £175,000 for the 45 one-bedroom apartments, for which Delph said it expects rental prices of about £900 a month. The 93 larger two-bedroom, two-bathroom apartments are forecast to achieve about £1,260 a month in rent.
Delph purchased the scheme for £25m from Fortis last year. The group is a long-established buy-to-let operator, with current managing directors that have been with the firm since the late 1970s.
This scheme just highlights everything that is wrong with the property market in this country….yet another scheme targeted at investors with a one bed, (which will be like a rabbit hutch) starting at £175,000, with rents at £900 per month and two beds at £1,260. Who the hell can afford that? It is estimated that in London there are in excess of 40,000 empty properties and in Greater Manchester more than 20,000 properties empty. Many of these empty properties are new builds that are used by wealthy investors to park their money, some are never lived in. Meanwhile homelessness grows, young people cannot get onto the property ladder and even those who want to rent are forced to pay ridiculous amounts.
By coolmanc