Savvy Property Investors Turn to 'RENT READY' Development as Northallerton's Appeal Grows
Yorkshire developers behind a £6m collection of new homes in Northallerton have launched a new initiative to encourage property investors to the town – and help meet the growing demand among local families for houses to rent.
Berkeley DeVeer, which has transformed the former Arla Foods creamery on Romanby Road into 22 detached homes and townhouses, are targeting buy-to-let investors with its latest venture.
The development has breathed new life into the site, which dates back more than a century. It had stood empty since it was closed more than three years ago and production switched to more modern facilities in Leeds.
Managing director of the Wetherby-based firm, Dan Newett, said: “The changing face of Northallerton and its improved transport links is adding to the appeal of the town as a place to invest.
“Savvy buy-to-let investors tell us they are inspired by the way it boasts the rare blend of modern living with a rural twist - and a springboard to the great outdoors and the North York Moors on its doorstep
“And every pound of their capital investment goes further than it would do in many other towns and cities.
“Family homes are the heartbeat of the local community and with a lack of stock on the sales market, wedded to the growing popularity of renting, Mulberry Vale meets these needs.”
It has unveiled a “Rent Ready” package that has been tailored for investors with all remaining properties coming complete with carpets and blinds, and all stamp duty and legal costs paid.
It’s designed to speed up and smooth out both the buying and renting processes.
Half the properties have already been sold on the development, with prices for all the remaining four bedroom properties starting from £230,000. These would command monthly rentals of £850, earning investors a return of around 4.5% in annual revenue.
“Mulberry Vale signals the start of a new era for the site, putting it to good use and meeting the housing needs of the local community, especially families,” Dan added.
“It is just a short stroll from the High Street and the rest of Northallerton’s modern amenities, ideal for those who want the atmosphere and convenience of a busy town with the countryside on their doorstep.
“An added attraction is that Northallerton railway station, which sits of the East Coast main line to London and other major cities, is just a two minute walk away.”
The former dairy opened on the site in 1905 and was originally financed by North East Railways as part of its efforts to promote fresh milk distribution by rail.