In today’s tough economic climate where bank savings are accumulating little interest, investing in property for the rental return alone is a highly attractive option. According to local estate agent Bidwells, Crest Nicholson’s Kaleidoscope development in Cambridge is indicative of this trend and is proving popular with savvy buy-to-let investors.
David Bentley, Head of Cambridge New Homes for Bidwells Estate Agents, comments: “Our investor clients who have purchased at Kaleidoscope have seen an encouraging increase in monthly rentals. Investors who purchased in the Sienna Building during the initial launch, achieved rental values of £1,100 pcm for a typical two- bedroom apartment; the most recent monthly rental for a typical two-bedroom apartment is £1,295 pcm, an increase of over 17% over a two year period.”
David continues; “The high quality of construction has had a very positive impact on the rental market, a crucial element when considering an investment. Apartments at Kaleidoscope have achieved, on average, a gross yield of 5.5% per annum which is not only extremely good in the current market, but compares favourably with the return on other rental properties in Cambridge. This clearly demonstrates that Kaleidoscope is a highly attractive proposition for both owner/occupier and investor.”
Properties at Kaleidoscope combine a bright contemporary exterior with a classic and stylish interior, dispersed across 11 architecturally unique apartment buildings and courtyards that are linked by a sequence of shared spaces. The Magenta Building launched at the end of last year and is already attracting investor interest. The one and two-bedroom apartments are proving particularly popular with young professionals, singles and couples, many of whom commute to London, as well as downsizers.
Annette Cole, Sales and Marketing Director at Crest Nicholson Eastern, comments: “Kaleidoscope appeals to a variety of tenants interested in living in the city centre, mainly due to the great location of the development, the high quality of homes on offer and the close proximity to superb transport links. Investors have caught onto this fantastic opportunity and with these high rental yields, their investments are certainly being rewarded.”
Cambridge boasts excellent travel links; Cambridge Railway Station is just five minutes from the scheme and provides a non-stop service to London Kings Cross in just 45 minutes. Alternatively, the M11 is just three miles away providing a swift route to Stansted Airport and the motorway network beyond.
The Magenta Building, a brand new phase at Kaleidoscope, is now launched, with prices for a two bedroom apartment starting from £285,500. Also available are spacious duplex apartments from £499,950. For further information about purchasing a home at Kaleidoscope please contact the Sales and Marketing Suite on 0870 757 8186, which is open daily from 10am to 5pm. Alternatively, visit the website www.kaleidoscopecambridge.com.