Having sold almost the entire block of apartments to investor landlords, FreshStart is now offering 20 of its remaining one-bedroom apartments for an unbeatable price of £44,950, with a deposit of just £4,500 needed to secure a property.
These Empress Mill units are being sold off-plan, giving first time buyers longer timescales to save for a mortgage deposit.
Potential buyers who have paid their deposit but are struggling to secure a full mortgage on the property, have the option of taking out FreshStart’s developer finance package, charged at four per cent.
Any first time buyer deciding against completion, will receive a guaranteed full refund of all monies.
FreshStart Living specialises in transforming dilapidated or underperforming buildings into affordable homes.
The company is able to offer competitive first time buyer packages because of the returns it generates from selling apartments to investor landlords, from both the UK and overseas markets including China, Asia, Malaysia and Europe.
The former mill on Empress Road will be converted into a mixed-use scheme with 100 apartments spread across two blocks – a converted five-storey block and a six-story new-build development.
The mill conversion will accommodate 33 three-bed duplex apartments and five two-bed penthouses, with 3,600 sq foot of commercial units on the ground floor. All duplex apartments will have double-height ceilings and mezzanine floors.
The new build development will house 26 one-bed apartments, 35 two-bed apartments and one three-bed apartment, with 1,200 sq foot reserved for commercial space and 100 parking spaces in total.
Work on the £10m scheme to transform Empress Mill is starting in autumn 2011 and is due be completed over an 18-month period.
Stuart Cook, Acquisitions Manager at FreshStart Living said:
“First time buyers are suffering in the current property markets, and we’re striving to help them in the best way we can.
“We’d expect that after getting initial finance from us through our first time buyer packages, first time buyers should easily be able to refinance in order to proceed with the completion on their chosen apartment and get a foot on the UK property ladder.”
