30th September 2003
Worcester 's first canalside scheme not only sold out in a matter of days, but it is now achieving record rental values, reports leading developer Neil Grinnall Homes.
Whilst the Diglis Road scheme incorporating 21 luxury apartments and townhouses nears completion, local investor Mio Blagojevic has already secured a record rent of £1,200 p.c.m for the 855 sq ft two bedroom penthouse, which boasts commanding views of the city. The scheme was launched onto the market in September 2002 and kick started the long awaited regeneration of Worcester 's neglected Diglis Basin .
Neil Grinnall, Chairman of The Neil Grinnall Group comments: "Worcestershire is renowned for its waterways, but within the city boundaries they are vastly underused. At Diglis Road we sold purchasers the promise of luxury apartments in a prime waterside setting, taking inspiration from the renaissance of many of the UK 's major cities. We knew the concept was immensely popular when the scheme sold out within days, but now the product is available to view we can bring the vision to life.
" Diglis Road has illustrated both the huge appetite for waterside living and the premiums it can command in rental and resale values. When our Bath Road scheme, which represents the second phase of Worcester 's canalside regeneration, reaches completion in November 2004 it will have a tremendous impact on the area. However, this is only the tip of the iceberg - buyers at both these developments will be able to reap the financial and environmental rewards of the significant improvements that are scheduled to happen in the next decade."
Purchasers at Neil Grinnall Homes' Diglis Road scheme included many first and second time buyers and private investors from the local area. 19 of the 21 properties sold out within hours as a result of an impressive queue, which stretched well beyond selling agent Knight Frank's Worcester office.
Mr Blagojevic purchased the stunning penthouse and two further two bedroom apartments off-plan in 2002, adding to a large portfolio of properties in central Worcester . His company - ZMB Property Management - has noticed significant trends in the local market in recent years.
Mr Blagojevic comments: " Worcester is such an historical city and has long had a reputation for being a well-located base for families opting for traditional properties. However, in recent years it has surged in popularity. There is an unprecedented demand for luxury apartments to rent here. I have over 30 executive properties fully let and I get regular calls from people who are eager to move into the area.
" Worcester has a very large catchment area spanning 30 miles including Cheltenham and Birmingham . Its convenient location, rural landscape and character-rich centre have only just begun to be appreciated on a large scale by outsiders, however, with local property prices still keenly below the figures being achieved elsewhere in the region, it is easy to see why it has become somewhat of a property hotspot.
"I expect Worcester to out-perform many other cities in the level of capital growth achieved over the next few years and the rental yields that are currently being realised are often double the national average. I had practically built up a waiting list of tenants who wanted to rent at Diglis Road and the first people to view the finished apartments wanted to sign up immediately. I have achieved a record letting for the penthouse as the combination of rooftop views, a waterside setting and high specification interiors makes Diglis Road an unbeatable destination for tenants."
For those who blinked and missed the boat at Diglis Road , Neil Grinnall Homes' Bath Road development is providing the same stunning setting and enviable specification. The scheme incorporates 41 canalside properties including eight penthouses and first completions are scheduled for April 2004. Bath Road is virtually next door to the phase one scheme but an added sweetener to anyone looking for that ultimate kudos factor with a new penthouse apartment is the uninterrupted views of Worcester cathedral.
The contemporary specification at Bath Road includes chrome switches, sockets and door furniture, Amtico floor tiles to bathrooms, en-suites and kitchens, Shires Adagio sanitaryware, Matki shower doors and video entry systems. For those eager to view the high specification, appointments can be made with the Bath Road marketing suite to view Mio Blagojevic's Diglis Road penthouse, which is currently being retained by Neil Grinnall Homes as a show suite.
Both Diglis Road and Bath Road schemes are within easy walking distance of the thriving central shopping district. Boutiques, antique shops and interior design galleries can be found intertwined with high street names, bars and restaurants. For those traveling further a field, both schemes are within 10 minutes' drive of Junction 7 of the M5.
Also 'hot property' in the Neil Grinnall Group portfolio is the sensitive restoration of the landmark Kay's Catalogue buildings, which are being transformed into K1 and K2 . Situated on The Tything, K1 was launched in July to well over 150 potential purchasers within the Grade II listed atmospheric building. Giving Worcester a well deserved dose of New York loft style living, K1's mix of spacious apartments is already proving popular with professionals, despite completion of the scheme only being scheduled for August 2004.
In neighbouring Droitwich Spa, the company is currently developing their flagship Hadzor Hall scheme of townhouse style properties in a quintessential Georgian courtyard setting. Set in the heart of the rolling Worcestershire countryside, the 54 acres of land belongs to the Grade II* Listed Hall which is currently being restored to once again reign over the area as a private gentleman's residence.
Penthouses currently released for sale at Bath Road include a spacious one bedroom design priced at £275,000 and a two bedroom penthouse priced at £299,000. Apartments at the scheme are priced from £130,000. An on-site marketing suite is open five days a week, tel: 01905 764 310 or alternatively please contact sole selling agents Knight Frank on 01905 746 888. For a full list of the Neill Grinnall Homes portfolio visit www.neilgrinnallhomes.co.uk
For lettings with ZMB Property Management contact 01905 28500 (fax 01905 616 642)
Press release by Core Marketing, 0121 643 8151.