28th August 2007
Imagine Homes aquires new two bedroom apartments in Darlington
Imagine Homes is pleased to announce the successful acquisition of a 25,632 sq ft off-plan development on Victoria Road, West End.
Purchased from Mandale Group, the building is the 24th acquisition made by Imagine Homes over the past 4 years.
The Imagine Homes development, City Heights will become a prominent fixture in Darlington, boasting a choice of designer two bedroom apartments just a short distance from Durham Tees Valley International Airport. Completing January 2008, City Heights will provide investors with excellent return on investment as property in the North East has shot up in value recently. Between 2002 and 2004 year-on-year residential property values grew by 18%*. Demand for accommodation, from buyers and renters alike, continues to exceed supply.
Consistent with Imagine Homes worry-free offering, investors in City Heights will receive a unique rental return of 7.5% of the purchase price per year for two years.
Grant Bovey, Chief Executive of Imagine Homes comments: "This site is an important addition to our project portfolio, and fits with our acquisition strategy of purchasing a range of properties throughout the UK that will appeal to different levels of investor. Darlington is an increasingly popular location for property investors and is experiencing considerable investment growth. The acquisition of this desirable site highlights the continuing success of Imagine Homes."
For further information about Imagine Homes, please visit www.imaginehomes.co.uk.
* Source PROVISER.
City Heights is a marketing name for this development.