City Central
Velocity Magazine, May 2008The city centre Pied a Terre used to be for occasional use only, to be pressed into service when the owners wanted to come into town for business. But with travel becoming faster and easier, more people are seizing the opportunity to live the family life they want in the quiet of the countryside, while commuting into town for a portion of the working week. Buying a modest apartment for one person also means your money will go further, allowing you to own much nearer to where you work than if you were looking for a family home. It also means you can hold an investment in a popular location instead of throwing money away in rent.
Always quick to catch on, developers are now targeting city properties at executives searching for this blend of convenience and flexibility. Apartments in key commutable locations are often designed for this type of buyer, with the minimum amount of space they need at a price they’re prepared to pay.
ManYoo in Manchester’s Salford Quays is one such development. Designed by KW Linfoot under the swanky YOO brand, its studios are aimed at buyers who need somewhere to live short term. The stylist properties measure 28 sq m with one room providing living, sleeping and cooking space, plus a small bathroom.
It may not seem much but it’s ideal if you just need to put your head down between shifts at the office. “We’re definitely seeing a requirement for pared down city accommodation.” Says David Waddington of KW Linfoot. “Professionals want smart pads and condensed living space is perfect if you need somewhere to stay for a few nights a week.”
Such properties are increasingly popular in key European cities with large international workforces. Brussels is a classic example thanks to the number of multinational companies, plus the EU headquarters brings hundreds of foreign workers, parliamentary officials and MEP’s from the 27 member states. Many need accommodation in the city, usually for three to five years.
“you see a lot of short term ownership in Brussels” says Eoghan Quinn of Irelands Thornsett Group, which is developing several residential properties in the city. “MEPs need somewhere to live from Monday to Wednesday, and they also have staff who go home at weekends. Most want a home from home rather than a hotel or serviced apartment.”
Quinn claims people are looking for both affordability and convenience. He says Brussels is an obvious choice due to its keen prices and its excellent transport links across Europe.
It isn’t just overseas workers snapping up accommodation there, though, and Quinn is also seeing local professionals who want the best of both worlds. He recently sold to one Antwerp businesswoman who had to split her working week between both cities, and has also seen doctors from local hospitals who want somewhere comfortable to stay between shifts, instead of commuting back to the suburbs.
Quinn says that, instead of renting. Many people want to invest their funds. “If you have a placement here for three to five years, it’s worth buying because you can sell without capital gains tax.”