For investors looking to add another property to their portfolio this year, there are plenty of options to weigh up as the market remains buoyant, with one Nottingham riverside development offering an exclusive incentive to those looking to reserve a waterfront apartment by the end of July.
The developers behind The Waterside Apartments in Nottingham, Monk Estates and Harmony Bridge, are offering buyers who reserve a property by the end of July and complete before the end of September, the chance to have their full stamp duty tax paid in full.
The stamp duty holiday was introduced by the chancellor in 2020 to give the property market a boost. After extending the deadline, it is now due to end in June 2021 for properties up the value of £500,000.
If investors proceed with sales at The Waterside they would not be able to benefit from the normal stamp duty holiday due to the time taken to complete a sale, therefore the developers have announced that if buyers reserve by the end of July then stamp duty will be paid in full for anyone to complete by end of September.
This will not include the 3% premium for being an investor, but property investors looking to secure a quick sale with no chain can take advantage of the stamp duty offer – and invest in a modern, sleek city apartment with views across the River Trent.
Situated on Pavilion Road, with enviable vistas across West Bridgford, Nottingham city and the river, the 121-home Waterside Apartments boast a central location, close proximity to independent shops, bars and restaurants, and is in walking distance of the city centre with its historic spots such as Nottingham Castle, the Lace Market and Old Market Square.
Sam Monk, director at Monk Estates, said: “Investors looking to purchase their next property can benefit from diversifying their portfolio with the addition of an apartment – they are a reliable investment, holding value and maintaining appeal to residents looking for both short and long-term lets.
“Apartments in a great location, with waterside views surrounded by convenient and desirable amenities and attractions, will likely increase in value too, making them an excellent investment for the long term.
“Appealing to a wide demographic including young professionals, couples, students and commuters wishing to benefit from the lifestyle that living in an apartment affords them, it will be easy to secure both short and long term letting arrangements with tenants looking to move into a centrally located home.
“Over recent years, Nottingham has seen an influx in people relocating from major cities, including London. This shift has only increased following lockdown, as many are keen to leave the capital and its high overhead prices behind, looking for cheaper desirable locations, as the trend towards remote and flexible working continues.
“Many local experts including the chief executive of Invest in Nottingham put the influx of people from the capital down to the city’s attractive affordable house prices and lower cost of living*, solidifying Nottingham on the map as a desirable place to invest in property, offering quality living spaces for those looking to rent.
“Apartments are also lower maintenance compared with a traditional house, so landlords have less worry when it comes to the upkeep and preservation of their property. The Waterside Apartments offers investors a unique opportunity to purchase waterfront apartments that hold tremendous appeal to tenants – stunning views and close proximity to Nottingham’s landmarks, amenities and major employers make it a highly attractive place to live.
“Anyone looking to invest in an apartment here can take advantage of having their stamp duty paid in full, if they reserve a property by the end of the July.”
14 two-bed apartments remain available to purchase, priced from £285,000 to £395,000. Visitors are welcome to view the three-bed show penthouse - complete with a panoramic roof terrace overlooking the River Trent, open plan island kitchen and bathroom with floor to ceiling windows.
All homes have been finished to the finest quality using high specification fixtures and fittings, with onsite parking and vibrant communal spaces including a reception concierge.
The £365,000 two-bedroom show apartment is also available to view and all appointments can be booked with selling agent FHP Living.