Manchester remains an attractive prospect for property investment despite the turbulence caused by Brexit, according to the founder of a property development company.
Dmitry Leus, CEO and founder of Imperium Investments, gave an upbeat assessment of opportunities for returns in British regions that are building for the future.
Manchester is in the midst of a construction boom that is transforming the skyline, bringing modern offices, hotels, and leisure destinations to the city centre and outlying districts.
The northern powerhouse city is also the nation’s second biggest student property market – creating huge demand for purpose-built accommodation. Examples of developments include the iQ Student Accommodation, owned mostly by Goldman Sachs, that will offer affordable ‘co-living’ through tenants having their own rooms and shared communal spaces.
Manchester is in the middle of a construction boom
Dmitry, who has vast experience making investments across the UK and Europe, recently spent two days in the city and was encouraged by what he saw.
“The average price for flats in Manchester is less than London and more affordable for local people, while it’s easier to build, sell and to find the money,” he said.
“There are a lot of young people in Manchester, including around 350,000 students and four universities, so there is a lot of opportunity with the student market. For example, flats can be converted to student accommodation and vice versa.”
Overseas investment, including from China, is also driving the growth in Manchester’s property and development market amid an air of caution around London, where Dmitry’s family office is based.
“Manchester is a great place for investment and it’s also one of the best places in the country to start a business – it’s much easier to get off the ground there than in London,” the businessman said.
“It’s a great place to find business partners, clients, to gain planning permission and to build. I really felt it was a friendly environment that reminded me a bit of New York but was a cosy place to walk around.”
Originally from Turkmenistan, the former fencing champion views himself as an EU citizen but believes in the resilience of the UK, where he has settled with his family. His charitable interests include supporting babies, children and teenagers faced with cancer and other health challenges and bringing fencing to young people across the country, including in inner-city London.
For more information about Imperium Investments click here