Sau­di Ara­bia backed Eamar Devel­op­ments (UK) Ltd has bought two res­i­den­tial blocks on Wilbra­ham Road for a com­bined price of £5.5million. Prop­er­ty Law spe­cial­ists Jack­son Bar­rett & Gass act­ed for Eamar Devel­op­ments on both purchases.

The first to be acquired was 34 unit Wilbra­ham Court 1, pre­vi­ous­ly known as Lin­coln Ser­vice Flats, on Wilbra­ham Road for £1.25m. New build 36 unit Wilbra­ham Court 2 was then bought for £3.585m months lat­er. Both prop­er­ties are being man­aged and mar­ket­ed by let­tings spe­cial­ist Philip James.

The fig­ures and for­eign invest­ment may sur­prise some but accord­ing to Col­liers (2012), Man­ches­ter has attract­ed more for­eign prop­er­ty invest­ment than the oth­er non-Lon­don Big Six cities over the last 5 years, part­ly due to Man­ches­ter active­ly pro­mot­ing strate­gic ini­tia­tives since 1986. Manchester’s approach to busi­ness pro­mo­tion through the Busi­ness Lead­er­ship Coun­cil aligns it far more with Ger­man coun­ter­parts and has also placed it in a dif­fer­ent league to oth­er UK region­al cities alto­geth­er, espe­cial­ly with respect to attract­ing inward investment.

Direc­tor of Eamar Devel­op­ments, Saleh Alnaeem, mir­rors the report from Col­liers ​“I was attract­ed to the UK because of the trans­paren­cy and secu­ri­ty of the legal sys­tem. My advi­sors also had links with trust­ed con­tacts like Jack­son Bar­rett & Gass and Philip James who ensured my acqui­si­tions were safe & effi­cient from start to finish.

I was attract­ed to Man­ches­ter specif­i­cal­ly because two of my sons study here. Man­ches­ter has a diverse pop­u­la­tion with sev­er­al City Cen­tre areas which appeal to both young pro­fes­sion­als and stu­dents. The appeal of these areas to dif­fer­ent mar­ket seg­ments ensures a strong yield and a good poten­tial uplift in val­ue, and which also require a low­er ini­tial out­lay than London.”

Direc­tor at Philip James, Rob Cuffe, said ​“This is a great pur­chase for Eamar Devel­op­ments. After our ini­tial meet­ing with him it was clear he knew what he was look­ing for and it was our job to find some­thing that would suit all of his require­ments. Man­ches­ter is a great mar­ket to invest in with fan­tas­tic yields and safe investments.”

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Author: Rick Bar­row