End to 2021…
Q4 at Source was another busy period for the team, featuring the launch of a new investment opportunity in the North East, the final completions in our Plymouth site and our holiday homes moving away from peak season.
West Bar, Sheffield featured in The Sunday Times
This quarter saw one of our favourite investments (that we first brought to our investors in 2017) featured in The Times’ in an article for ‘Up and coming urban hotspots where house prices are set to soar’. The article shone a light on the northern area of Sheffield City Centre, which has seen an increase in demand of 138% and an 8% annual price shift. We identified the potential that the area had back in 2017, with the emergence of a proposed £300m mixed-used development in the area called West Bar Square, which would essentially create a new business district for the city. In December 2021, the first phase of the planning was approved by the local council, which, once fully complete, will create 6000 jobs locally.
Launching Shepherds Quay
We launched our latest Buy to Let opportunity set in North Shields Fish Quay in November, looking east over the River Tyne. The area is primed for massive regeneration, with plans already in place for a £140m regeneration scheme, transforming the former shipyard into 20 acres of retail, commercial and residential space.
Pierson House completes
Q4 saw a wave of completions at Pierson House, located on the edge of the Barbican in Plymouth City Centre. All apartments in the quarter rented at rates at or above our forecast. Across the two-bed apartments, we secured an average rent of £1,466pcm at an average purchase price of £288,000.
Holiday homes head into the Winter
Existing holiday home investments went into the offseason through October, November before picking back up again above expectations for December. It seems the travel restrictions across Europe helped stimulate bookings over this period. The quarterly returns were a significant drop off compared to the summer. However, these were in line with our yearly expectations. Our Lake District site has seen higher occupancy than our seaside properties; however, they have had to deal with higher costs (mainly from utility bills) which we are working with our property managers to improve for 2022. Looking back over the entire year, it has been a solid year; our holiday home investments beat projected profits in all locations despite many being empty in lockdown across Q1 2021.
Fistral Beach, Newquay (Holiday Let)
Pierson House, Plymouth (Buy to Let or Serviced Apartment)
Shepherds Quay, North Shields (Buy to Let)