The GCC are buying into the UK’s Northern Powerhouse

Select Property, a regional and global developer, retailer and operator of market-leading property investment brands, has seen a notable increase in GCC investment since the launch of its new CitySuites luxury service apartment scheme in Manchester. 24% of Select Property investors hail from the GCC, while 18% are from the United Arab Emirates. 

Select Property identified Manchester for its new project, as it is has become the powerhouse of the north and internationally recognised as the UK’s second city for investment. Having witnessed major economic expansion and population growth over the recent years, Manchester has seen unprecedented demand driving capital returns nearly twice as high as those found in London in 2013 and almost three times the national average. Home to the UK’s largest concentration of commercial and retail floor space outside London, Manchester is attracting and retaining world-leading organisations with an estimated 80 of the FTSEs 100 companies having representation, as well as more than 50 international banks and 600 major overseas companies.

The new CitySuites concept in rented living is targeted at business executives working on short-term contracts, and young professionals who want luxury touches and amenities of a hotel with their own space and privacy. As with all Select Property brands, it is the commitment and focus on the end users and their accommodation preferences and requirements, which ensures high occupancy levels, making it a credible and high-performing investment. 

Select Property have what they call ‘lifecycle control’, whereby they not only develop and sell the properties, but manage them too, controlling the entire lifecycle of the investment. Due to this A to Z offering, GCC investors living over 5,500 km away have shown strong interest. The new concept of rented living in Manchester saw 16% of sales go to GCC investors, who over the last four months have purchased 42 out of the 260 units. The UAE investors were the most numerous, accounting for 30% of the GCC sales, 24% originating from Saudi Arabia and almost 20% from Qatar.

Adam Price, Global Sales Director at Select Property Dubai comments: “London has typically always attracted GCC investment due to being a property safe haven, but our savvy investors are now beginning to look to cities further north, which are offering even greater returns on investments. Launching in Manchester, CitySuites apartments are available for rent for as little as one month, bringing a whole new approach to the idea of renting. We always have the end user in mind, and have recognised a huge undersupply of property in Manchester that is available on short and long-term contracts, and CitySuites is bridging that gap in the market.”

The 17 storey striking building occupies a highly desirable location with the 400 million pound multi-use Greengate Embankment development in central Manchester. Neighbours include Harvey Nichols, Louis Vuitton and Selfridges, as well as Manchester’s major social hubs and thriving business direct.