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8 April 2002
With recent poor equity and savings returns, property purchases and 'buying to let' has become an attractive alternative for investors, especially considering the current low interest rates and competitive mortgage packages on offer. An important factor when considering such an investment, however, is choosing a good location, such as an 'up and coming' area that is undergoing regeneration. Cardiff Bay in Wales has been recognised as an ideal example, where Countryside Properties has recently launched a new development called Lacuna.
The area has become a popular place for investment, both in terms of capital growth on property and rental yield, where revenue from a rented property can reach up to 9% - a stronger return than many parts of the South East can offer.
House values in Cardiff are reaching up to £300 per sq. ft. which are new levels for this region of the country. Prices can go from £150,000 for a one-bedroom apartment to up to £0.5m for a penthouse in this area.
Michael Young, of Michael Graham Young Chartered Surveyors
Homes at Lacuna, an innovative new waterside development of 38 one and two-bedroom apartments, two three-bedroom penthouses and eight townhouses, are ideal for this purpose. They are placed in a prime location, overlooking Cardiff Bay, and are surrounded by prestige developments including a new five-star Rocco Forte hotel and a new yacht club. They are close to city centre bars and restaurants and there is also a growing community with both established properties and other new residential developments in the area.
Michael Young, of Michael Graham Young Chartered Surveyors, who have an office in Cardiff Bay and act as selling agents for Countryside Properties, comments, "House values in Cardiff are reaching up to £300 per sq. ft. which are new levels for this region of the country. Prices can go from £150,000 for a one-bedroom apartment to up to £0.5m for a penthouse in this area. Despite the rise, customers are prepared to pay these prices because the returns and 'sell on' values are so good. The apartments at Lacuna are in a prime position to take advantage of this investment opportunity because they have unbeatable views, they are centrally located with good connections to the rest of the UK and the area has dramatically improved lately and continues to do so. My son has bought property to let in this area and I am confident that he has made a good decision."
Lacuna has been designed so that every apartment, penthouse and townhouse has a stunning view over the bay and beyond, from its own private balcony or terrace. The building has been constructed from glass, concrete and steel, which is in keeping with Lacuna's contemporary design, while still paying tribute to the area's industrial and maritime heritage. Innovative architectural features of the building include a gullwing roof and central rotunda, which create a varied sky line, and internally the homes have been designed to maximise light and space.
Lacuna is located on the former docking site for the redundant Hamadryad hospital ship. Cardiff Bay itself is a vast 500 acre freshwater lagoon with eight miles of shoreline. It was formed when the Cardiff Bay Barrage was constructed, which was a major civil engineering project that began in 1994. As part of the redevelopment of the area, a 0.7 ha 'Waterside Park' is being created, which will incorporate seating areas, a boardwalk overlooking the bay and space for a major public art feature, which will be funded by a £25,000 contribution from Countryside Properties. Homes at Lacuna will offer spectacular views over this park, which is linked to Cardiff Council's vision for a wider Hamadryad peninsula wetland park.
Cardiff Bay is approximately half a mile from the busy city centre, which offers a rich cosmopolitan variety of restaurants and excellent shops, leisure and sports facilities. Motorway networks are close by with the M4 less than 10 miles away and the nearest main line train station is in the city centre, with links to London Paddington, Swansea and the rest of the UK.
New homes are priced from £175,000 for a one bedroom apartment. A three bedroom townhouse is priced from £355,000. Part-exchange opportunities are also available. For sales enquiries contact the marketing suite on 02920 313 013 or the selling agents, Michael Graham Young, on 02920 465 466. Alternatively, email lacuna@cpplc.com, or visit the website at www.lacuna-cardiff.co.uk. Countryside's website can be found at www.countryside-properties.com
Countryside Properties was recently named 'Housebuilder of the Year' in the 2001 'What House?' Awards.
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Information correct as at 08/04/2002