Cheap apartments are future, claims developer behind city scheme
The LAUNCH of a flagship £65m development is being hailed by the team behind it as a positive marker for the regeneration of a Yorkshire city following the sale of apartments valued at £1m in less than a week.
McGinnis Developments, the group behind The Beehive development in Bradford, claims it is facing the challenges posed by the residential property sector by selling apartments at the scheme from £55,000.
John Paul McGinnis, development director of Northern Ireland-based McGinnis, said he believed The Beehive heralded “a new realism” in property prices.
Mr McGinnis said: “We have worked hard on the pricing structure at The Beehive and to deliver real homes for people and I’m pleased to see that our approach has attracted so much interest and commitment from people who recognise what we are offering.
“We have had more than 400 people register their interest in The Beehive and the marketing suite has been very busy all week with people making appointments to visit and decide which apartment is best for them.
“The sales to date show the market still exists for quality properties, built and designed with style, in a good location and at the right price.”
McGinnis has also revealed it has formed a partnership with Exchange Bond to make buying an apartment at The Beehive less of a financial strain.
Exchange Bond provides a financial guarantee that replaces the cash deposit usually paid to secure a property at exchange of contracts. It means first time buyers only have to as little as £1,700 to secure their new home.
The Beehive will include 517 apartments and 30,000 sq ft of retail and commercial space next to Bradford University and is part of the creation of a new £750m ‘learning quarter’ which is to created in the West Yorkshire city.
The launch of phase one saw 185 studio, one and two bedroom apartments on sale, with 111 priced below £100,000. The development has been designed by architects Brewster Bye.
Property development and construction company McGinnis has chosen Yorkshire as the base for an ambitious £100m expansion plan in England and The Beehive in Bradford as a launch scheme for its new McGinnis Urban brand.
