Ordsall Lane, Salford

[Rob Cranston]

Has anyone got any experience or opinions on this area, seems like reasonable yeilds can be achieved. Be interested to hear from investors in the Salford Quays area.

[mpbackhouse]

Are you looking at the new builds along that road? 

 

I see the attraction of that part of Salford, because it is right between media city and Castlefield/city center. Have looked at a few places around there myself. 

 

I am a little put off by a couple of things. Firstly, Ordsall itself seems a little rough, stuck in an in a deadzone between the quays and the city. And secondly, they is a very large number of riverside apartments being built there and I am concerned about oversupply pushing down rents an prices in the short to medium term. It could go the other way, and the regeneration pushes out the locals and prices rise, but I think this is speculation. 

 

I am looking a bit further up the river, near Salford central station. What do you think of that area?

[Rob Cranston]

Hi Michael,

 

Thanks for your reply. To be honest I haven't actually done that much research into that area. I've mainly been focusing on Salford quays and Eccles due to the yields. Just had a quick look at where you mean on the map and it does seem very central.

 

Are you based round that area or investing from a far?

 

Rob

[investing4536]

Hi Rob, I own an investment property just off Ordsall Lane a few minutes from Exchange Quay. It's a house but I've never had any reports from tenants regarding crime or seen anything untoward when I go down there - although I'm sure the area still has the odd issue but certainly nothing like ten years ago. Ordsall Park is also a major plus for the area. 

 

As you can from this development map there is a lot happening in the immediate area in future. 

 

https://www.google.com/maps/d/viewer?mid=1iKsAEkRbZ42vWsAvG5-LNeziihs&hl=en_US&ll=53.478188162394744%2C-2.2481203099914637&z=14

[Stuart Dodds]

Agree with Michael here, there's a lot of flats in that area already and more being built. I've noticed some of the older cheaper apartment developments are struggling to re-sell in that area and some on my watch list have been unsold for a long time, possibly overpriced or people just want to buy new. The yields are average because maintenance fees are always high with the new developments in that area. Great location for houses though. 

[nikork]

Hi All, 

 

smarterproerty.net 

 

I have done a lot of sourcing in that area and I think it offers very good value, capital growth potential and the yields are  already there. Agreed - lot's of new builds going up in the area which has led to a slight reduction in rent. 2 beds that were renting for £700 PCM are now renting for £650. Not a major problem in my view. The yield is still good and growth potential strong. 

 

One piece of advice - check the lease agreement. A lot of the developers in the area created lease agreements with a clause that doubles ground rent every 10 years. Typically they start at a 'peppercorn' ground rent of £150... which doubles to £300 and £600 and so on every 10 years. 10 years seems  like a long time, but if you plan to hold for 50 or so it could start to look a lot more relevant to your future buyer. Also, some lenders won't lend if there is a doubling ground rent. So check that out befreo you start to spend... 

 

I can't say whether it's sloppy lease agreement writing or something a little underhand in terms of long term wealth generation. But once those numbers start doubling... do the maths!

 

smarterproperty.net

[dip1989]

Hi Guys,

I am new to Property Hub.

I have also been considering buying in Salford, been tracking prices for the last 12 months or so. Initially I was very keen on investing in the area, seems like good prospect given the investment and developement.

 

I've seen a lot of places go up on rightmove in the last 6 monts or so. I wondered if anyone had a recent information in regards to this area, I know there has been some concern in regards to cladding issues. 

 

I am seeing 2 beds on Ordsall lane at c£130k and closer to Media City at c£150k. 

I am also considering looking at Bolton as another option , as I am little concerend about potential over supply in Salford. Would anyone have any recomendations in regards to target areas for Bolton please?

 

Any help would be much appreciated