One Bedroom Apartment, 816, The Xchange
The Xchange, Bradford
The Xchange presents a fantastic buy-to-let investment opportunity of one and two bedroom apartments in a superb city centre location in Bradford. A limited number of units have become available for investors who wish to secure these great apartments .
The apartments are available on a three step payment, 50% on exchange, 25% 2 months later and balance on completion in Q4 2019
The Xchange Purchase Highlights
- One & two bedroom apartments available.
- Completion due end 2019
- Comprehensive refurbishment program currently underway
- Attractive net yield available
- Limited number of car parking spaces also available for sale
- Excellent location in the heart of Bradford City Centre
- Directly opposite The Broadway Shopping Centre site
- Thriving rental market from a young working population
- Reserve now for £2,500
Originally constructed in the 1960’s to provide high quality office space, The Xchange enjoys a prime location in Bradford’s city centre opposite the historic grade 1 listed Wool Exchange building and the £230 million Broadway Bradford shopping & leisure centre.
A substantial refurbishment program has now commenced to transform 7 floors of the building into 126 one and two bedroom apartments due for completion toward the end of 2019.
All units are finished to a high specification and offered with furniture packs available, as well as the option to include a parking space.
This is an unrivalled opportunity - not to be missed. Talk to us today about purchasing your preferred unit.
Background to Development
The development was launched in 2015. The original developer however went into administration in 2018 following a range of issues and delays. In the intervening time a fully funded and costed rescue plan was agreed by the vast majority of buyers in the development. A small number of units are now available for sale.
The properties are priced from £54,950 for a one bedroom apartment, with two bedrooms up to £85,950.
The completion of this project will be managed by Harborough London Limited, development managers and RICS chartered surveyors. The build-out is forecast to take 6-8 months to complete.
Harborough London Limited have over 25 years experience in project such as this and their portfolio includes supermarkets, houses, flats, student clusters, retail, offices and industrial units. They have particular experience in distressed schemes and in completing half-built schemes.
Please speak to your consultant about current pricing and the opportunities available to investors.
Cloud Homes (recommended lettings partner) has project the rental rate for a one bedroom apartment in the Xchange between £425 - £550 pcm with a two bedroom apartment estimated to reach £595 - £700 pcm.
Ground Rent is £399 for a one bedroom apartment and £450 for a two bedroom apartment.
The project has recently left administration.
The rescue plan is now fully funded via additional funding from original investors plus the sale of a small number of additional properties which may become available.
New investors will be required to pay a non refundable deposit of £2,500.
On exchange of contracts, the client will pay 50% of the purchase price,
25% on second instalment June 3rd 2019, plus the furniture pack.
The final 25% is paid on completion.
Why Invest in Bradford property?
- Bradford is a buy-to-let property hotspot and The Xchange’s BD1 postcode area is rated as the 10th highest yielding in the UK (Source: Totally Money).
- Lower priced property than in neighbouring cities and one of the UK’s youngest populations are the headline drivers behind Bradford’s strong rental market.
- Bradford’s established and growing economy is a key component of the UK’s Northern Powerhouse and the 8th largest economy in England (source: www.bradford.gov.uk).
- Home to the headquarters of more FTSE companies than any other northern city (source: www.investinbradford.com) with major employers including the likes of Provident Financial, Santander, Yorkshire Building Society & Morrisons.
- The city’s strength as a business centre is also recognised by Barclays Bank who rank Bradford as the “Best place to start a new business” according to their SME Growth Factors index.
- Over 17,500 businesses employ almost 200,000 people in the Bradford region.
- Bradford is conveniently located just 8.6 miles west from the City of Leeds and 8 miles southwest of Leeds Bradford Airport.
- The 3rd largest city in the UK and the 2nd largest employment centre outside of London, Leeds is the UK’s fastest growing city.
- Whilst Leeds presents a powerful employment, rental prices in Leeds are substantially higher which is in part the reason so many young professionals make Bradford their home.
- Fantastic transport links see around 44,000 people commute every day between Bradford and Leeds; the highest concentration of commuters between any two cities in the UK.
The Location: Bradford
Occupying a prime location in Bradford’s city centre, The Xchange provides an extremely convenient residential address for young urban residents enhanced by the commercial services on the ground floor (easyGym), shopping and close proximity to award-winning open spaces.
Approximate Walking Distances
- Bradford Broadway Shopping & Leisure Centre – 50 metres
- Bradford Rail & Bus Transport Interchange – 350 metres
- University of Bradford – 850 metres
- Foster Square Train Station – 650 metres
- Centenary Square – 300 metres
- Leeds Bradford Airport: 8 miles / 12.8km
- Leeds City Centre: 8.6 miles / 13.8 km
- Manchester: 38 miles / 61 km
Bradford is a city brimming with confidence. Millions of pounds of recent investment has poured into the heart of the city; upgrading public spaces and paving the way for major investment and business opportunities.
Vibrant, friendly and creative, Bradford has a lot to offer. With lively nightlife, cinemas, sporting venues and cultural attractions there is a lot that attracts many students and tourists to the area.
Located in West Yorkshire, 8.6 miles west of the city of Leeds, Bradford’s cultural diversity makes the city an exciting place to work and live. The Broadway Shopping Centre, is located directly next to The Xchange, offering residents a living experience like no other. Leading high street shops, fitness and leisure facilities, top restaurants, bars and cafes will, quite literally, be on the residents' doorstep - offering a fantastic place to live.
- Conversion of existing building
- Fantastic city centre location
- Attractive yields
- 250 year lease
- Top 10 Buy-to-Let postcode
- Modern properties with furniture packs available
- Directly opposite The Broadway Shopping Centre