Description
Longsight block of flats investment upon Plymouth Grove offers an exceptional freehold acquisition in Manchester’s M13 postcode. Located within walking distance of The University of Manchester and Royal Manchester Infirmary, it benefits from continuous tenant demand among students and professionals. Currently generating £151,000 pa in rental income, the asset delivers a gross yield of 7.19% and a net yield of 5.39% after operating expenses.
Moreover, light refurbishment—primarily cosmetic enhancements to communal areas and roof repairs. Could in turn drive income to over £200,000 pa. Boosting gross yield to 8.89% on a total outlay of £2.25 M and net yield to 6.67%. Two apartments are already undergoing refurbishment, offering immediate sale or re-let opportunities with clear value-add returns.
In addition, a further upside exists via additional accommodation. A 2016 consent for five self-contained basement units sets a positive precedent for basement conversions. Without the need of altering the exterior. Furthermore, national permitted development rights allow up to two additional storeys of airspace. Subject to prior approval—which could yield another three units.
Ultimately, a fully developed scenario (23 units) can achieve gross yields of 14.15% (standard rental) or 15.60% (student rates at £1,450/month) and net yields of 10.61–11.70%, with payback periods of 2.9 and 2.5 years respectively.
⚡Lastly, Key Insight: All development scenarios outperform the M13 average. Producing a projected gross yield of 6.5%, with student accommodation conversions driving the highest returns.
Income & Investment Metrics
| Scenario | Units | Gross Yield | Net Yield | Payback (yrs) |
|---|---|---|---|---|
| Base Case (Current) | 15 | 7.19% | 5.39% | N/A |
| Light Refurbishment (Refurb @£150K) | 15 | 8.89% | 6.67% | 4.1 |
| Fully Developed (Standard) | 23 | 14.15% | 10.61% | 2.9 |
| Fully Developed (Student) | 23 | 15.60% | 11.70% | 2.5 |
| ROI Analysis: Base, Refurbishment & Full Development Scenarios |
• Area Guide: Manchester Property Trends
• University of Manchester Accommodation
• Manchester City Council Planning
Listing Updated: 02 August 2025, 09:22
