Property of the Month – May 2019
|City||Birmingham. Rea Road, Northfield|
|Type of homes||Modern 2 Bedroom apartments|
|No. of homes||14|
|Built||Completed in 2014|
Why I like the Location?
Northfield is suburb or Birmingham midway between Bourneville and Longbridge. It offers good transport into the City Centre by train in 19 minutes, or by road along the A38. The M5 and M42 are also close by for vehicle traffic.
Originally part of Worcestershire, and part of Metropolitan Birmingham since 1919, the built up na-ture of Northfield is tempered by green spaces and the proximity of the Worcestershire country-side.
There is a good selection of local shops and supermarkets for everyday needs, and a wide selection of primary and secondary schools.
What I like about the properties?
The Fund invested in 14 flats, each of two bedrooms with a variety of sizes and floor plans. Each flat has a designated parking space. The flats are always popular with tenants; indeed we still have three tenants who have made their homes with us since the blocks were finished nearly five years ago. The development has an attractive appearance and benefits from a linear park separating the homes and Rea Road itself from the railway.
How has it gone so far?
The West Midlands has performed well in recent years, with relative economic strength and good affordability. It has been an area highlighted by our top down Investment Plan as a region to focus on within our diversified portfolio.
Our investment in these flats experienced good capital growth, both from the initial negotiated discount at purchase, and capital growth since 2014. In addition, the flats had high occupancy levels and, combined strong rental value growth, are delivering regular income.