Kuwait, Bahrain and Saudi Arabia buyers lead investments in development in Manchester
More than half of a UK developer's flagship project in Manchester, England has been sold off-plan to GCC investors, it has been announced.
Origin Homes, a unit of British developer Select Property, said 53 percent of its Laurence Place project has been snapped up by investors from Kuwait, Bahrain and Saudi Arabia.
Origin Homes offers investors complete flexibility, meaning they have the choice to occupy it themselves, allow a family member or friend to use the property, or rent it on the open market.
Laurence Place, which comprises 209 studio, one, two and three-bedroom apartments, is in a prime central location in the heart of Manchester’s central business and retail districts.
It is situated within Embankment West, a new neighbourhood masterplanned by the same developer, Select Property.
Adam Price, managing director of Select Property Group, said: “What differentiates Origin Homes from the rest of Select Property’s portfolio, is the flexibility for buyers to use the property themselves, rent it out or simply hold onto, making it attractive to both investors looking for rental returns and capital growth, but also to end-users who are purchasing property to complement their lifestyle.
“While our fully managed property brands continue to be extremely popular with our investors, we have had many requests from GCC clients that visit Manchester regularly, or that have children that want to study there, and therefore want to own a quality property they can use as they please."