Park View Manchester: Prices in Victoria North and Yields of up to 7%

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Hello everyone. An apartment in a tower inside Manchester’s largest regeneration scheme, 26 storeys in a tower, £220,000and up. Today Park View is what we are looking at today!

For prices, taxes and the whole buying process, see our guide: UK Property Guide

Apartment types, current price range and location: see the project page

A residential tower rising in the Victoria North district, north of Manchester. The scheme is part of the Far East Consortium developed by Victoria Riverside masterplan: Manchester’s most ambitious next generation living scheme at present. Generous glazing, a city and park view, a gym, co-working areas. Yes, you read that correctly, an apartment with a view in a 26 storey tower at this budget.

Prices

• One bedroom apartments: £220,000and up
• one, two and three bedroom options
• Apartment size: 50 m²and up
• 26 storeys residential tower, hundreds of homes
• Address: Victoria North, Manchester M4

The comparison of floor area is striking: in London £220,000 does not buy you an apartment; here it buys a 50 m² tower apartment with a view. And as part of a masterplanned scheme, which means the surroundings develop with it. the advantages of buying a new build home a strong option for anyone looking outside London.

Why Park View?

Victoria North: Manchester’s largest regeneration move: this is investment in a district, not in a single building. The Victoria Riverside masterplan is turning the north of Manchester city centre into a new living quarter: new homes, parks, riverside landscaping and commercial space. Planned regeneration at this scale is one of the strongest factors lifting surrounding residential values over the long run.

• Manchester city centre, within walking distance; Victoria station close by
• Manchester Victoria, direct access to the rail and tram (Metrolink) network
• Manchester Piccadilly: a high speed train to London Euston
• Manchester’s university campuses and the NOMA business district a short distance away
• A tram and rail link to Manchester Airport

Height and view, in a 26 storey tower the upper floors look onto the Manchester skyline and the parkland. Housing supply at this height is still limited in Manchester; upper floor apartments with a view stand apart both in letting and on resale.

Daily life: walking distance to the city centre

In the morning you walk down into the city centre: that scale is Manchester’s greatest advantage. The cafes of NOMA or the Northern Quarter at lunchtime. In the evening Manchester’s music and food scene; at the weekend Old Trafford, the Etihad, or an hour’s drive to the Peak District. Manchester is the only English city that offers London’s cultural density at a far lower cost of living.

Park View rental yield

Manchester city centre is one of the strongest rental markets in England. One bedroom apartments usually let for £1,050 to £1,250, 2+1s £1,450 to £1,650 a month. That puts the gross rental yield in the 5.7-6.8% band.

Tenant profile: young professionals working in Manchester city centre, university academics and students, and people in the technology and media sectors around NOMA and MediaCityUK. Manchester’s proportion of young people is above the European average, a demography that supports the rental market structurally. For areas with a similar profile, high yield buy to let areas is worth a look.

The shared areas and the details that set Park View apart

• Sports Hall: a fitness area for residents only, with no membership needed.
• Co-working areas: shared working sections designed for people working from home.
• Shared social spaces: for entertaining and spending time with neighbours.
• Generous landscaped areas: new green space as part of the Victoria Riverside masterplan.
• Large glazed facades: plenty of natural light; a panoramic city and park view on the upper floors.
• A 26 storey tower: a height segment that is still limited in Manchester.
• The masterplan advantage: not just the building; the surroundings develop with it.

Energy efficiency and comfort

As a new build tower it comes with modern insulation, a high performance glazed facade and efficient heating; the apartments are typically EPC B band. Against Manchester’s largely Victorian and industrial era building stock the difference in the bill is very marked. If you let the property you are also safe against the tightening minimum energy standards.

Who is buying?

Bu proje, of investors looking for a balance between return and quality choice. The entry price is not as low as Willow Court, but in return you get an apartment with a view in a tower concept in the city centre, which means access to a higher segment of tenant in letting. Investors aged 30 to 50 and professionals working in Manchester are the main audience. For international investors it is a city increasingly chosen as an alternative to London.

Frequently asked questions

Manchester or London? Different stories. Manchester is rental yield (6-7%), London is capital growth and liquidity. Your budget and your goal decide; many investors hold both in a portfolio. We can prepare this comparison for your own situation.

When will the Victoria North regeneration be complete? The masterplan is a long term scheme and proceeds in phases. Buying in an early phase gives a price advantage, but the maturing of the surroundings takes time.

What is the tenure? Leasehold; we check the term apartment by apartment.

How do I manage it remotely? Through a professional management company; commission is typically 10-15% of the rent. Do deduct it when working out the net yield.

Can I use a mortgage? For foreign buyers financing of generally up to 65-75% is possible. In this price band leverage can raise the net return markedly. UK mortgages for foreign nationals is worth reading.

Can I buy remotely from abroad? Yes. For the details, our remote property purchase guide page.

Total cost: what you actually pay when you buy at Park View

Many overseas buyers look only at the apartment price and meet a surprise at completion. Let us work out the real cost on a £220,000 apartment. Stamp duty (SDLT) in the United Kingdom is banded: 0% up to £125,000, then 2%, 5%, 10% and 12%. On top of that, non-residents pay a 2% surcharge, and if you already own another home, a further 5% additional dwelling rate applies.

With a mortgage there are also valuation and bank charges, and if you let the property, management commission and income tax. The figures above are indicative, based on a £220,000 entry price; we prepare the exact calculation for your own scenario.

The Park View buying process, step by step

If you are buying from another country, the process runs like this:

• 1. Choosing the apartment and reserving it. We go through the floor plans, the aspect and the view. The apartment you choose is usually held with a reservation fee of £5,000 to £10,000.
• 2. Appointing a solicitor. An independent English property solicitor (conveyancer) is appointed. That solicitor acts for you, not for the developer.
• 3. Identity and source of funds checks. You will be asked for a passport, proof of address and documents showing the source of your funds. This step is compulsory in the United Kingdom, and having the papers ready shortens the process.
• 4. Exchange of contracts and deposit. Contracts are usually exchanged within 21 days of the reservation, with a 10% deposit. The signature can be given digitally from abroad.
• 5. Stage payments. In off plan projects these follow the payment schedule; for completed apartments the step is skipped.
• 6. Completion. The remaining balance and the stamp duty are paid and the title is registered in your name. For completed apartments this stage can take four to eight weeks.

You can run the whole process from your own country; you do not have to travel to the United Kingdom.

Risks and what to watch for

We have set out the strengths; in fairness there are points to watch as well. For Park View, these are the ones worth pausing on:

• Masterplan uzun soluklu: the Victoria North regeneration proceeds in phases; the maturing of the surroundings will take time.
• The supply of towers in Manchester is growing: there are many new tower schemes in the city centre; competition in letting may increase.
• Capital growth differs from London: the yield story is strong but capital growth will not be on London’s scale.
• Remote management is needed: management commission is 10-15% of the rent; deduct it when working out the net yield.

None of this makes the project a bad one, but there is a wide gap between buying with your eyes open and finding out afterwards. We give every client this list up front.

How does Park View compare with the alternatives?

Before you decide, it is worth looking at the other projects in the same budget band:

• Willow Court: a lower entry price and a higher gross return in the same city.
• LU2ON Luton: a similar return band for anyone who wants to stay close to London.
• Hoola Royal Docks: the most affordable entry price for anyone who wants to stay inside London.

We can work out together which project fits your goal, judged on budget, intended use and exit plan. For an overview, our guide to UK property investment for international buyers is worth reading too.

Answers to the most common questions on this topic: Is Buying a Home in Manchester a Good Idea?