Manchester apartments may prove attractive to Irish property investors

STARTING at £190,000 or E241,250, 15 apartments in a newly converted clothing factory in Manchester are on the market with Anthony O’Regan of Keane Mahony Smith’s Cork city office.

Developer of the UK property, Tom O’Carroll has strong ties with Cork city, having also been involved in the conversion of the North Infirmary Hospital.

It’s now known as the Shandon Court Hotel.

The Bradley, as the Manchester development is called, has modern, pared-down interiors and top quality fittings making each unit top of the range, says Anthony O’Regan. Centrally located and with top quality appliances the building’s fifteen apartment units include two penthouses at £300,000/381,000 apiece. The agent and developer are keen to get Irish investors for this red-bricked Victorian factory, one of many in a city which was to the forefront of ‘Cool Britannia’ and which is probably best known as the backdrop for the ‘Cold Feet’ series.

Manchester has seen a huge renaissance in the last decade with lots of its old stock of industrial buildings converted to sophisticated inner city apartments.

With upwards of 2 billion being invested in the UK in 2003, the main attraction for Irish investors has been the lower cost of properties and the lower stamp duty rates.

Tax is at just 1% on properties valued under £250,000, with the maximum rate levelling out at 4%.