With 1,036 apartments covering an area of approx. 544,820sqf, X1 Media City is the largest residential development in the Northwest. The development itself consists of four iconic towers, each containing a mixture of studios, 1, 2 and 3 bedroom apartments.
With 1,036 apartments covering an area of approx. 544,820sqf, X1 Media City is the largest residential development in the Northwest. The development itself consists of four iconic towers, each containing a mixture of studios, 1, 2 and 3 bedroom apartments. With spectacular views over the city and MediaCityUK, the apartments will be furnished in a highend, elegant flair.
In addition to the luxury of the apartments, residents of this £200million development will benefit from further exceptional features. These include: underground residents parking, a private gymnasium and an on-site cinema.
Furthermore, the first two floors in each building, a total of 22,700sqft of the development, are set aside for commercial ventures, creating an intimate and at the same time vibrant way of living for residents of X1 Media City.
The location at MediaCityUK, found in the heart of Salford Quays, truly contributes to the cosmopolitan vibe of the development, as it is increasingly becoming the place-to-be for creative and digital businesses. Salford, part of Greater Manchester, was crowned by The Guardian in 2014 as the "UK's Property Hotspot", due to its property values having risen faster than anywhere else in the country. In July 2014, Salford even out-did the capital by nearly 4%, showing an annual growth rate as high as 12%. This large rise has been attributed largely to the relocation of British broadcasters such as the BBC and ITV to the MediaCityUK development.
X1 Media City undoubtedly demonstrates this trend in real life, as investors can expect an assured NET return of 6pc within the first year of tenancy. Phase 1 of this residential development, that will certainly set new standards in luxury living, is set to be completed in Q1 2017. Phase 1 is now 100% sold out. Phase 2 is also 100% sold out with completion is Q1 2018. Phase 3 is due for completion Q4 2017 and was over 50% sold out in less than 24 hours since the launch.
Eight years ago, the BBC decided to move part of their business to MediaCityUK. Within this short time, the development site has come a long way. Located along the Salford Quays waterfront, it benefits from one of the best direct city centre connections in all of the UK, through numerous tram and bus stops. Today, MediaCityUK is flourishing like never before, with already more people now working at the Quays than back in its prime as a major seaport.
MediaCityUK is the first purpose-built hub for creative and digital industries in Europe. An independent market report by the Policy Exchange revealed that MediaCityUK is anticipated to not only contribute more than £1billion into the local economy, but also supply it with more than 10,000 jobs.
At the moment, MediaCityUK is home to over 200 businesses, including the University of Salford, the BBC and ITV's Granada Studios, in addition to several well-known programmes such as BBC Breakfast, Coronation Street and Match of the Day. In March 2012, HRH Queen Elizabeth II ceremoniously opened up the new BBC offices
Am I buying as freehold or leasehold?
975 years leasehold
What is the address of the site?
Michigan Ave, Salford M50 2GY
Are there tenants already in place?
No, X1 Media City phase 3 is a new-build development which will be furnished to the highest of standards and will be ready to accept residents from Q1 2018
What are the projected annual returns on this project?
Projected returns of 6% NET per year
When is my rental income paid?
Quarterly in arrears, direct into your bank account from completion
Is there a management company in place?
Yes, the designated management company will be X1 Lettings, who will block manage and let the building
Are there any restrictions if I want to sell?
No, X1 Media City is a residential development, so you are free to sell your apartment on the open market
How much is the ground rent?
Ground rent is £250 per annum