Flip through the latest issue of Gulf Weekly.
When King William’s Domesday tax assessors visited Birmingham in the UK in the middle of the 11th century, they found an impoverished hamlet, situated on infertile land, bereft of resources, power and influence, and remote from the country’s main lines of communication.
Ten centuries later, Birmingham is the exact opposite – it is now the UK’s second largest city, with some of the most sought-after real estate in the country. Over the past few decades this historical city has blossomed into a prime property-buying metropolis.
Since 1995 average property prices have soared by 185 per cent, with the Birmingham house-buying index increasing at a significantly faster rate than England and Wales as a whole.
Millions have been pumped into Birmingham, turning it a world-class conference city and surprisingly, home to the largest destination shopping centre in Europe.
In the heart of the city lies the historic Jewellery Quarter, where this impressive property is located. The Exchange, due to be completed in September next year is a modern property constructed behind an elegant Grade II Victorian façade characteristic of the vicinity.
The Jewellery Quarter is a unique district of Birmingham. It has been described by English heritage as ‘a national treasure,’ and a ‘place of unique character.’
Birmingham was the one of the first manufacturing towns in the world and there is a rich history of craftsmanship in this area – some of the present day businesses date back 250 years. Today there are more than 100 shops selling jewellery and silverware and it has the biggest working population of Goldsmiths and Silversmiths in Europe.
Over the last 10 years the area has undergone significant regeneration with £250 million invested in the area which is now bursting with shops, restaurants and bars.
The Exchange, like the rest of this popular area, has been regenerated and gentrified, combining crisp modernity with traditional elegance.
The property comprises 64 one, two and three bedroom apartments ranging from 477 sq ft to 1488 sq ft. All apartments have contemporary fitted kitchens complete with white goods, and elegantly appointed bathrooms and en-suites. Living areas are spacious and well designed. There is also useful underground parking included – a rare commodity in central Birmingham.
Star Real Estate is selling the properties on behalf of a top UK developer. Apartments are available to live in or ‘buy-to-let.’
Three big universities and a deluge of young professionals mean that there is a very healthy rental market, stimulating capital growth.
Should you wish to let a property, the developer offers a ‘furniture solution’, and they will also find a tenant and manage it for you for a fee of 10 per cent of the guaranteed rental income per annum, for two years after it is completed.
Rental incomes range from £500-600 per month for a one bedroom apartment to £800-£1010 for a three bedroom apartment.
If you are a foreign investor keen to buy in the UK, it is useful to know that you escape capital gains tax.
Similarly, if you’re a British citizen who has been resident outside the UK for more than five years, you are also exempt from capital gains tax, providing you sell your property while remaining non-resident.
Rich in history, character and investment potential, this is certainly the jewel in Birmingham’s crown.
