The Crescent, Harbourside, Bristol
Overview
Price Range: £198,050 - £254,150 (net)
Reservation Fee: £1000
Exchange deposit: 10%
Status: 5 available
Number of plots: 6
Completion: October 2007
Discount: 15%
Leasehold 999 years
To Include: oven/hob/extractor hood
268 apartments total, only 100 being offered to investors
Click here to see the list of Units Available
Introduction
The Crescent is the centrepiece of the stunning Harbourside development, providing a diverse selection of prestigious apartments close to the water and the centre of Bristol.
The Crescent accommodates 268 apartments including a mixture of one, two and three bedrooms plus a selection of penthouses and four townhouses. Of these, just 100 apartments are being made available to investors, with 33 being located in Core A and local letting agents predict that it is likely to be the most popular development in the area for prospective tenants. The overall development will also be home to a variety of bars, restaurants, leisure facilities and offices.
We have secured a number of one and two bedroom apartments on the site with a genuine 15% discount. Our prices for this site range from £198,050 to £254,150.HBOS plc and Lloyds TSB have chosen the Harbourside site as their Headquarters.
Development
“The Crescent” will be the central point of the redevelopment of Bristol’s Harbourside area. The 268 apartments on the site will be a mixture of one, two and three bedroom apartments, penthouses and townhouses. Just 100 of the flats in this development have been made available for investors, and local letting agents predict that it is likely to be the most popular development in the area for prospective tenants. The overall development will also be home to a variety of bars, restaurants, leisure facilities and offices.
Location
The site is located at Canon’s Marsh, Bristol as part of a new large scale business, leisure and residential development close to Bristol city centre.
Bristol itself is the regional capital of the South West of England, and enjoys excellent road, rail and air infrastructure.
The M4 and M5 run close to the city, making it is easily accessible for London and Cardiff.
Bristol also has 2 mainline train stations; Temple Meads in the city centre and Parkway on the outskirts of the city, which offer regular services on the West Coast Mainline and also to London Paddington which is just 90 minutes away.
Bristol International Airport is situated around 7 miles from the city centre and offers flights to 25 major European cities. The airport has seen huge investment in the last 5 years and now offers daily services to New York, with new routes opening up all the time.
Modern Day Bristol
Bristol is a vibrant city full of cosmopolitan leisure and entertainment facilities offering a wealth of options for both the resident and the visitor alike. The city centre has been greatly improved in the last 5 years, most notably the significant regeneration of the old industrial docks. The planned regeneration of the city centre retail district, including major improvement works to the gateway at the city’s entrance, is sure to further enhance its reputation as a growing, vibrant and cultured destination to live, work and invest.
Bristol has one of the strongest economies in the UK and is a financial centre, with around 40% of the population working in the financial services industry. The city also has two high achieving universities and the South West of England is renowned for the strength of its engineering industry.
Due to the influx of new industry to the area, Bristol is considered to be one of the most cutting edged cities in the UK today. This is reflected in its reputation as an increasingly fashionable city.
At the heart of the City is the Harbourside area, transformed in recent years through one of Europe’s most successful waterfront regeneration schemes. It is a symbol of Bristol’s thriving economy – a blend of new housing and business centres, cultural facilities, bars, restaurants, tourist attractions and landmark developments such as the @-Bristol attraction - a unique building bringing science, nature and art to life that includes an IMAX theatre.
The redeveloped Broadmead centre, which is due to open in 2008, will revolutionise shopping in Bristol, with more than 100 shops and 15 major retailers being lead by the Harvey Nichols department store. Bristol is also home to 2 major carnivals at St Pauls and at Ashton Court, while £152 million will have been spent by 2008 to improve Bristol’s cultural reputation, including a new world class concert hall.
Bristol’s Facts And Figures
Bristol has the second strongest economy in England outside of London when measured by GDP per head, according to a survey by Barclays Bank
Over 160 companies have established their national headquarters here including Orange, AXA Sun Life, Lloyds TSB, HBOS, Bristol and West, Osborne Clark, Ministry of Defence, Rolls Royce
39% of its population live within the city boundaries
Key businesses include aerospace and defence, printing and packaging, financial services, electronics and electrical engineering and media creative industries. There are over 1,900 manufacturing companies employing over 50,000 people
Bristol International Airport has invested £50m since 1977 and now runs an impressive flight schedule to a number of worldwide destinations
40% of people are employed in the financial services sector – employing around 400,000 people in the City
Avonmouth Docks, to the southern edge of the city, is the UK’s largest car import dock
Bristol is one of Europe’s leading locations for world class micro-electronics and silicon design with over 400 industry related companies
Bristol draws 9 million visitors per year and is the 7th most popular UK destination for overseas tourists
Bristol has been at the heart of the UK aerospace industry for nearly a century – from the world’s first military aircraft, the Bristol Box kite, through to Concorde
25% of all the world’s natural history films are produced in Bristol and it hosts three international film awards festivals each year. Oscar winning Aardman Animations, the company responsible for the creation of Wallace and Gromit has their base here in the city
Bristol attracts 36,000 students to two international renowned universities
60% of students choose to stay in the city after graduation
Recent research by Leed’s Metropolitan University shows that Bristol’s workforce ranks top in the skills level of English cities outside of London
The University of Bristol is one of the top ten universities in the country and is ranked in the top 100 worldwide
Bristol plans to spend £152m in its cultural infrastructure by 2008, including the new Bristol Arena providing a world class concert venue, a new museum and renovation of existing arts centres and theatres
Bristol was the birthplace of the ‘Bristol Sound’ with bands such as Massive Attack and Portishead and its club scene is rated as one of the most exciting in the Country
More than 1/3 Bristol has conservation area status with over 4000 heritage buildingsThe Bristol Old Vic Theatre is world renowned, as is the Bristol Old Vic Theatre school, having trained many of the UK’s prominent thespians
Bristol’s St Paul’s carnival is one of Europe’s premier street festivals and the Orange Ashton Court Festival held every year in the grounds of Ashton Court Mansion was until recently the largest free music festival in Europe, after Notting Hill Carnival
The annual Harbourside Festival held every July attracts mariners from all over the world and is a celebration of the city’s docks
Residential Market
Due to the growth being experienced in Bristol, there is currently a shortage of available properties in the city centre, making it very much a sellers market at present. City centre housing with parking is in particularly short supply. Home ownership is less than 50% of the national average in Bristol, while 33% of properties are single person homes. 86% of properties within the city centre boundary are flats.
Property Values
The postcode sector BS1 5 has been used to evaluate average prices in this area. Overall prices have continued to grow in recent years and have tended to be above the national average. These prices peaked in Q3 2005, with an average of £305,991, more than £110,000 above the average for England and Wales. Average prices for the first two quarters of 2006 were above the £200,000 mark.
Flat prices in the area have also tended to be well above the national average, peaking at £254,500 in Q4 2004. Indeed prices have only fallen below the £200,000 mark in only 5 quarters since the start of 2003.
There is currently a large variety of flats available to buy in Bristol city centre at present. The Harbourside development can be considered to be at the top end of the market where prices for a two bedroom apartment can range from £194,000 up to £495,000 depending on location, style and parking. After a slow 2005, 2006 has been far stronger for the Bristol market and one bedroom properties under £175,000 and two bedroom properties under £250,000 will generate strong interest from potential buyers in the city centre.
Parking is seen as one of the top ‘must haves’ for purchasers considering a move into the city centre and can command a premium on the asking price of a property. A city centre unit with secure parking can expect to achieve a premium in some cases greater than the value of the parking space alone.
Rentable Values
Bristol has developed a strong rental market in recent years, with a growing, fast moving population demanding an increasingly high standard of rental accommodation.
Our research shows that the average rentable values for properties with the benefit of parking are currently in the following price ranges:
£650-£795pcm for 1 Bed
£800-£1,100pcm for 2 Bed
Rental Reports
Local letting agents were very positive about “The Crescent”, and felt that it would be even more popular than earlier phases of the Harbourside development, due to their being secure on-site parking. The Bristol Letting Company managed to successfully let out 25 flats in the first stage of the development, stating that they had been very popular with tenants. They felt that “The Crescent” would be the best development in the area and that its popularity would be greatly increased due to parking availability. They stated that £650-£795pcm would be realistic for a one bed property and £800 -£1,100pcm for a two bedroom, with prices being dependent on the view.
EPS Residential reported that demand was currently strong in Bristol, although there were a lot of flats currently available on the market. In their opinion, rents in excess of £700pcm for a one bed and in excess of £800pcm for a two bed property would be achievable.
West Coast Lettings felt that this site would enjoy higher rental returns than other developments close by as there was no on-street parking nearby, making secure on-site parking a necessity for those with cars. They felt that £700-£750pcm would be achievable for a one bed and £800-£950pcm for a two bed was likely.
Future Developments
There are a large amount of new apartments due to come on to the market between now and 2009. However, approximately 50% of Bristol’s proposed city centre stock is caught up in the planning pipeline and so there remains little chance of oversupply in the next few years.
It should be noted that the prices at “The Crescent” are being used as the basis for other new developments in the city, showing how highly regarded it is.
The Crescent, Harbourside - 268 units
These have been selling off plan since April 2006 from a marketing suite next to the scheme and have been setting new levels of pricing for the city. The apartments have been achieving £421 sqft on average.
Conclusion
The Bristol market has recovered from the lull of 2005 and remains a highly desirable city to live, work and play in. As the profile of the city is raised both nationally and internationally, there will continue to be good growth in population, employment, house prices and the economy as a whole.
City centre living has remained almost in its infancy, with much of the accommodation coming before the infrastructure was in place to support the desire to reside in this part of the city. As the regeneration continues and the areas become more established with more residents moving in, this in turn will lead to people bringing in supplies and services that support the residential dwelling sector.
The future for Bristol’s city centre looks bright, with the redevelopment of Broadmead providing a quality shopping destination, improvements to the gateway into the city at the bottom of the M32 and new transport links. A high profile residential development with the current type and size of accommodation, providing the sales and marketing strategy is well thought through is sure to be well received by both existing residents and those considering a move.
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