If you follow the Walsall Property Market News like I do (not just the residential) then, you will be well versed with past, present and planned future developments. Amongst the proposed £90m transformation of the town centre recently it has been announced that more than 100 jobs will be created by developing a piece of derelict land back into commercial use with a further £6.9m investment.
In recent years we have had the new 24hr Tesco, the Primark development (which was extremely busy on Saturday), The Quarter has just been finished with Poundland and B&M taking up occupation anytime now and there are plans to revamp The Saddlers Centre! So, with all this happening around the commercial side of property “what about residential” I hear you ask…?
When it comes to residential in the Town an exciting development for me is the re-development of one of the largest buildings in Walsall – Tameway Tower. Currently it houses some retail units below and some offices in residence. This will very shortly be transformed into 143 apartments consisting of one and two bedroom apartments. It’s exciting for two reasons:
- The building has turned into a bit of an eyesore over recent years so the re-vamping of it should enhance that side of the Town.
- Being off-plan the developer is offering a different type of investment structure which is unique.
The one beds are being sold at just under a £100k and the two beds are below £125k. If you don’t fancy taking out an agreement until death (in other words a mortgage!!), the developer is offering a ‘No Mortgage’ solution. Basically you pay 50% towards the purchase price which is paid over 24 monthly instalments. The remaining 50% is funded by the developer on completion which is then repaid back to them via the rental income received. The cool thing I like is that no interest is applied to the 50% developer funding and you can sell at any time…! Now, of course if you wanted to get a mortgage you could or purchase the apartments outright if you chose to.
The yields should be in the region of 6.2% – 6.6% providing the projected rents are achieved as proposed by the developer. Personally, I think that is on the optimistic side however, with all the current and planned development happening in Walsall…you wouldn’t be too far off in achieving something close to those figures. It also depends on the finish of the final product. If it is as nice as the proposed CGI pictures sent to me then I can tell you, we don’t have much that can compete with this quality in the Town Centre…arguably of course.
If you want to learn more about the development then get in touch with me and I’ll send you all the information you need to make that all important decision.
For more information about other potential investment properties that I could introduce you to, or to ask about my thoughts on your own investment choices, call me now on 01922 311016, you can always email me on email@example.com.
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