Is Sheffield ready for these prices yet? City Lofts new development in the heart of the city is rumoured to be going for 300 per sq ft, yes you did read it correctly.
The development will be closely located to the winter gardens and may well prove to be the cities most expensive, when compared to other recent & ongoing developments at around £240 - £260 per sq ft is City Lofts overpriced?
We investigated a little further........
City Lofts will be offering around 320 residential apartments made up of studios, 1 & 2 beds with additional low level commercial space. Artful Lodger has been quizing our database of investors for opinion, although a handful would consider viewing this development they were amazed at the alleged price at £300 per sq ft. One investor commented "the figures just wouldn't stack up on a buy to let mortgage and unless you wanted to live there as a resident the investment would take a long time to gain any sort of return", another commented about the rumour that City Lofts are throwing over £500,000 at marketing the scheme, this same investor said "they usually buy into schemes that don't rely on a circus to sell them and sell on rental potential".
Funny money may not be just thrown at the price list but on the marketing, Knight Frank the official agents in association with City Lofts will be located next door in a temporary office with a palacial staircase, contemporary furniture, negotiating rooms & furniture packages in room sets from Conran, all this to try to tempt & suck people into the hype of a Conran lifestyle, one you can buy far cheaper at other exciting developments like Velocity.
It would be advisable for any investor to sit down with their IFA and letting agent to review supply, demand and finances before considering a massive £300 per sq ft purchase.
Anyway not long to wait with the marketing suite due to open its glass doors at the end of September, can't wait to see the prices and the take up or maybe not?
John Hendrick.
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