Serviced Apartment Sector in Manchester Grows as City Centre Housing Sales Decline
The serviced apartment sector in Manchester is growing as a result of the decline of housing sales in Manchester City Centre, according to a report published by Savills Hotels. The property agent Savills Hotels recently reported that Manchester has the largest supply of serviced apartments outside of London of slightly under 350 units compared to 5,200 units within the capital region.
The report by Savills Hotels is from the last 12 months and the property agent company plans to publish an updated report that will indicate that the supply of serviced apartments will continue to grow. The company estimates there are only 250 units with planning permission to date that are not being used as serviced apartments.
Pad Residential, a Manchester-based letting agency, has announced its plans to branch out into the serviced apartment sector with its Pad Hotels brand. The company began offering serviced apartments in September of 2008 in block six of The Spectrum on Blackfriars Street. The Spectrum is currently owned by Isle of Man-based property developer Dandara, Ltd.
Pad Residential has recently identified additional property development opportunities for unsold blocks and plans to take advantage of the current market for selling. Block six was one of these opportunities and Pad residential did a deal with Dandara to take over the serviced apartments.
Pad Hotels serviced apartment occupancy rates have been steady enough to plan for future expansion. Pad residential plans to launch more serviced apartment properties for business and leisure travelers seeking a low cost alternative to hotel accommodations. The company plans to take over another block on Liverpool Road with two more properties within the city centre. Move and Stay at www.moveandstay.co.uk has additional information on accommodations.
Other companies besides Pad Hotels have also taken advantage of the economic downturn and purchased properties. Stonehurst Estate, a London-based developer, recently launched The Light in Manchester’s Northern Quarter. The property is an £11m building that contains 41 serviced apartment units that range in price from £100 a night to £300 a night. The units offer one-bedroom apartments to penthouse suites with a roof terrace and hot tub.
Pad Residential offers world class serviced apartments in the heart if Manchester City Centre.
The report by Savills Hotels is from the last 12 months and the property agent company plans to publish an updated report that will indicate that the supply of serviced apartments will continue to grow. The company estimates there are only 250 units with planning permission to date that are not being used as serviced apartments.
Pad Residential, a Manchester-based letting agency, has announced its plans to branch out into the serviced apartment sector with its Pad Hotels brand. The company began offering serviced apartments in September of 2008 in block six of The Spectrum on Blackfriars Street. The Spectrum is currently owned by Isle of Man-based property developer Dandara, Ltd.
Pad Residential has recently identified additional property development opportunities for unsold blocks and plans to take advantage of the current market for selling. Block six was one of these opportunities and Pad residential did a deal with Dandara to take over the serviced apartments.
Pad Hotels serviced apartment occupancy rates have been steady enough to plan for future expansion. Pad residential plans to launch more serviced apartment properties for business and leisure travelers seeking a low cost alternative to hotel accommodations. The company plans to take over another block on Liverpool Road with two more properties within the city centre. Move and Stay at www.moveandstay.co.uk has additional information on accommodations.
Other companies besides Pad Hotels have also taken advantage of the economic downturn and purchased properties. Stonehurst Estate, a London-based developer, recently launched The Light in Manchester’s Northern Quarter. The property is an £11m building that contains 41 serviced apartment units that range in price from £100 a night to £300 a night. The units offer one-bedroom apartments to penthouse suites with a roof terrace and hot tub.
Pad Residential offers world class serviced apartments in the heart if Manchester City Centre.
Labels: accommodations UK, london serviced apartments, Pad Residential, Savills Hotels
Posted by Moveandstay
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