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.”
Author: Rick Barrow