The Bridgford Hall hotel operator’s sister company Birchover Sales and Lettings have been appointed as the selling agent for a major new development of student apartments in central Nottingham.
Birchover will be selling studio apartments at The Laceworks on Summer Leys Lane for Alliance Investments.
The Laceworks will comprise 222 high quality studio apartments with stunning communal facilities and will open in time for the September 2019 academic year.
All apartments at The Laceworks will be fully furnished and have en-suite bathrooms and a kitchen within each apartment. Some apartments will have two bedrooms.
The Laceworks will feature a 24 hour double-height hotel-style reception, cycle storage, parcel delivery room, launderette, study areas, games zones, a private dining room and ‘coffee shop style’ social spaces. The Laceworks will be a prestige and sought-after student living development.
Apartments are available for investors to purchase and prices start at £79,900 with an assured 7.75% annual rental yield.
Birchover owner Carl Bridge said: “The Laceworks offers investors a fantastic hands-off opportunity to benefit from high yields on great quality accommodation. The entire building will be fully managed by an experienced student facility company and every apartment comes with a guaranteed return on investment for the first five years”.
Construction at the site commences in March 2018 and the building will be completed by August 2019, in time for the arrival of students into the pristine apartments for the start of the 2019 academic year in mid to late September. Carl Bridge points out another key benefit for investors, when he confirms “As soon as an investor has committed to purchasing one of these splendid apartments, their money is earning interest at 5%. Allied to the 7.75% annual return from September 2019, this represents a great opportunity for new and experienced buy-to-let investors to get into the quality student accommodation market”.
Alliance Investments have built similar student accommodation in Chester and Leicester – and The Laceworks marks their entry into Nottingham. Birchover Sales and Lettings have been selected because of their detailed knowledge of Nottingham and their expertise in offering apartment living. The Birchover Residences operate the luxury apartment hotel at Bridgford Hall in West Bridgford and celebrate their 21st year of business in 2018. Birchover Sales and Lettings have a growing presence in Nottingham, having originally started trading in Derby in 2014. Investors will be able to meet the team at the Birchover hub at Bridgford Hall to discuss this opportunity in more detail.
This news follows last week’s announcement that Birchover Sales and Lettings had been appointed by Alliance Investments to promote 921 apartments across four stunning apartment blocks in Manchester. Commenting on both deals, the Managing Partner of Alliance Investments, Matthew Jay, explained why they have selected Birchover. “We originally entered discussions with Birchover about The Laceworks in Nottingham. Alliance Investments felt that Birchover shared a lot of our key ethics and passions about how to market the highest quality apartments. We are impressed with their ideas and their diligence in ensuring that the apartments are represented and sold correctly. Alliance Investments have been Manchester’s leading developer for 28 years and we only align ourselves with companies who we are confident will match our brand and core values. We look forward to working with Carl and his team”.