Our year so far…
With restrictions/lockdowns in the first half of the year, Q3 turned out to be a busy quarter with multiple projects reaching completion and hitting the rental market, so we wanted to provide an update and let you know how they have been getting on.
Wharf-houses at Cannery Row, Cornwall
Phase one of North Quay, Hayle Harbour, had it’s first completions earlier this year. The three bed wharf-houses have been fully booked since opening the calendar in June, at an average gross weekly price of £3,000. Whilst they have only been operating for three and a half months, they have already paid out 80% of the full 12 month projections that were put together prior to completion. With much higher than average future bookings for Cornwall in 2022, we are excited to see what a full years figures will mean for these investments.
The Liner, Cornwall
The beach residences completed just in time for the summer season and performed exceptionally well, beating projected forecasts by a considerable distance. During it’s peak month in August, Two bed apartments were fully booked at £4,417 per week (gross), whilst three beds achieved as much as £5,306 per week!
Tobacco Warehouse, Liverpool
This was another off-plan investment that reached completion in July, however this particular opportunity was aimed at the AST/long term rental market. Tenants were secured in all flats within 4 weeks of the completion date, at monthly rates above our previously forecast rental figures. This confirmed our view that the site’s unique appeal would stand out amongst the many other developments coming to market in the City.
Ironworks, Lake District
With completions taking place early in the year, the site’s performance was hindered by the various restrictions in place. Nevertheless, the apartments had a clean run at Q3 and outperformed all forecasts considerably; One beds averaged £2,363.06 net per month through July-Sep, 67% above the forecast return. Two beds averaged £3,597.84 net per month, 127.28% above and three beds averaged £4,642.15 net per month, 140.28% above the average monthly return forecast through July-Sep.
Fistral Beach, Newquay (Holiday Let)
Pierson House, Plymouth (can be run as AST or serviced apartments)