Member Article

Middle East attracted by Manchester property

Two residential blocks on Wilbraham Road in Manchester have been bought for £5.5m by Saudi Arabia-backed firm, Eamar Developments.

The first unit, 34 unit Wilbraham Court 1, which was previously known as Lincoln Service Flats, was bought for £1.25m while new build 36 unit Wilbraham Court 2 was bought for £3.58m a few months later.

Property law specialists Jackson Barrett & Gass acted for Eamar Developments on both purchases, while lettings specialist Philip James will manage and market the properties.

This transaction is just one of a long series of foreign property deals in Manchester over the past five years.

Data from Colliers (2012) has shown the Northern city attracted more property investment from overseas than any of the other Big Six cities (excluding London) since 2007.

Manchester’s active promotion of strategic initiatives since the 1980s could have much to do with investors attraction to the area.

Business promotion through the Business Leadership Council also aligns the city with its German counterparts, and propels it above other UK cities to attract inward investment.

Eamar Development’s director, Saleh Alnaeem, commented: “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.”

Rob Cuffe, director at Philip James, added: “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.”

This was posted in Bdaily's Members' News section by Miranda Dobson .