3 Bed Terraced House, Refurb/BRRR, Manchester, M4 5BY, £1,095,000

AVRO Townhouse, 1 Binns Place, Manchester , M4 5BY - 8 views - 9 months ago

Sold STC
Leasehold
Refurb/BRRR
ROI: 2%
~93 m²
+29 photos

ValuationOvervalued

Sold Prices£90K - £643.3K
Sold Prices/m²£999/m² - £4.3K/m²

 

 

Square Metres

~93 m²
Price/m²£11.8K/m²

Value Estimate

£274,463

 

 

End Value (After Refurb)

£359,500

Investment Opportunity

Cash In

 

Purchase Finance

Bridging Loan

Deposit (25%)

£273,750

Stamp Duty & Legal Fees

£84,800

Refurb Costs

£39,200

Bridging Loan Interest

£28,744

Total Cash In

£428,244

 

 

Cash Out

 

Monetisation

FlipRefinance & Rent

Revaluation

£359,500

Mortgage (After Refinance)

£269,625

Mortgage LTV

75%

Cash Left In

£428,244

Equity

£89,875

Rent Range

£1,350 - £4,700

Rent Estimate

£2,182

Running Costs/mo

£1,580

Cashflow/mo

£602

Cashflow/yr

£7,226

ROI

2%

Gross Yield

2%

Local Sold Prices

46 sold prices from £90K to £643.3K, average is £240K. £999/m² to £4.3K/m², average is £3.3K/m².

PriceDateDistanceAddressBeds 
£405K06/230.25 mi15, Thomas Telford Basin, Manchester, Greater Manchester M1 2NH3
£275K04/220.28 mi23, Silver Jubilee Walk, Manchester, Greater Manchester M4 1LD3
£490K09/220.28 mi12, Spindle Mews, Manchester, Greater Manchester M4 6DB3
£242K03/210.31 mi13, Weybridge Road, Manchester, Greater Manchester M4 6FD3
£285K09/200.33 mi14, Weybridge Road, Manchester, Greater Manchester M4 6EN3
£315K07/230.35 mi5, Saltford Avenue, Manchester, Greater Manchester M4 6EL3
£297K09/220.35 mi10, Woodward Street, Manchester, Greater Manchester M4 7JS3
£340K11/220.37 mi17, Kingham Drive, Manchester, Greater Manchester M4 7JT3
£300K02/240.39 mi102, Old Mill Street, Manchester, Greater Manchester M4 6EE3
£297.5K05/230.39 mi120, Old Mill Street, Manchester, Greater Manchester M4 6EE3
£270K12/210.4 mi112, Old Mill Street, Manchester, Greater Manchester M4 6EE3
£236.5K10/210.42 mi36, Chippenham Road, Manchester, Greater Manchester M4 7JR3
£236.5K10/210.42 mi36, Chippenham Road, Manchester, Greater Manchester M4 7JR3
£230K08/210.48 mi130, Butler Street, Manchester, Greater Manchester M4 7JJ3
£643.3K06/220.54 mi48, Richmond Street, Manchester, Greater Manchester M1 3WB3
£223K02/230.57 mi7, Maidford Close, Manchester, Greater Manchester M4 7EG3
£170K05/210.58 mi6, Badby Close, Manchester, Greater Manchester M4 7EY3
£265K03/230.59 mi16, Blisworth Close, Manchester, Greater Manchester M4 7DT3
£195K02/210.59 mi39, Bradford Road, Manchester, Greater Manchester M40 7EY3
£225K08/210.61 mi59, Ridgway Street, Manchester, Greater Manchester M40 7FY3
£168K05/210.61 mi32, Bollington Road, Manchester, Greater Manchester M40 7HE3
£220K12/200.62 mi9, Gurney Street, Manchester, Greater Manchester M4 7DZ3
£235K12/200.62 mi19, Pattishall Close, Manchester, Greater Manchester M4 7DU3
£281K09/230.62 mi19, Pattishall Close, Manchester, Greater Manchester M4 7DU3
£270K03/230.65 mi25, Bollington Road, Manchester, Greater Manchester M40 7DX3
£226K08/230.72 mi26, Nuneaton Drive, Manchester, Greater Manchester M40 7WH3
£242K06/210.74 mi137, Ridgway Street, Manchester, Greater Manchester M40 7DS3
£90K06/210.77 mi1, Stanbury Walk, Manchester, Greater Manchester M40 7LY3
£175K10/200.78 mi14, Alderman Square, Manchester, Greater Manchester M12 6WL3
£392K07/220.78 mi13, New Islington, Manchester, Greater Manchester M4 6HF3
£235K05/240.81 mi6, Markham Close, Manchester, Greater Manchester M12 6WR3
£210K07/230.85 mi298, Viaduct Street, Manchester, Greater Manchester M12 6NE3
£134.8K12/200.85 mi2, Blakemore Walk, Manchester, Greater Manchester M12 6PH3
£494.5K01/210.86 mi5, River Street, Manchester, Greater Manchester M1 5BG3
£220K12/200.88 mi169, Varley Street, Manchester, Greater Manchester M40 7EJ3
£238K06/210.88 mi10, Holly Street, Manchester, Greater Manchester M11 3BN3
£305K06/240.89 mi3, Haymans Walk, Manchester, Greater Manchester M13 9TF3
£240K10/230.9 mi29, Droitwich Road, Manchester, Greater Manchester M40 8ED3
£226K10/230.92 mi17, Rimmer Close, Manchester, Greater Manchester M11 3AD3
£225K06/210.93 mi41, Commonwealth Avenue, Manchester, Greater Manchester M11 3NN3
£276.5K02/230.93 mi6, Athletes Way, Manchester, Greater Manchester M11 3NE3
£230K01/210.95 mi34, Paxton Place, Manchester, Greater Manchester M11 3NL3
£90K12/200.98 mi4, Bednal Avenue, Manchester, Greater Manchester M40 8DW3
£240K06/210.98 mi10, Lloyd Wright Avenue, Manchester, Greater Manchester M11 3NJ3
£280K01/230.98 mi16, Lloyd Wright Avenue, Manchester, Greater Manchester M11 3NJ3
£268K09/210.98 mi1, Stadium Drive, Manchester, Greater Manchester M11 3NB3

Local Rents

50 rents from £1.4K/mo to £4.7K/mo, average is £2.1K/mo.

RentDateDistanceAddressBeds 
£1,68005/240.07 miMcConnell Building, Ancoats, M43
£1,60005/240.07 miMcConnell Buildings, Ancoats, M43
£2,90005/240.09 miRoyal Mills, 2 Cotton Street3
£3,00005/240.09 miChester Road, Manchester, M153
£2,47505/240.09 miBurlington House Tariff Street Manchester M13
£2,22503/240.13 miHenry Street, Manchester, Greater Manchester, M43
£2,10005/240.14 miApt 1.11 :: Ice Plant3
£1,95005/240.14 miApt 1.11 :: Ice Plant3
£2,25006/240.14 miApt 3.07 :: Ice Plant3
£2,99505/240.15 miNewton Street, Manchester, M13
£2,99505/240.15 miNewton Street, The Pipe House 3
£1,95005/240.16 miMurray Street, Manchester, Greater Manchester, M43
£1,79506/240.16 miMurray Street, Manchester, Greater Manchester, M43
£1,92502/240.17 mi-3
£1,92505/240.17 miHilton Street, Manchester, M13
£1,99512/240.19 mi-3
£2,00005/240.19 mi-3
£2,00005/240.19 miLuna Street, Manchester, M43
£1,85005/240.2 miApt 6.02 :: Flint Glass Wharf3
£1,97505/240.2 miFlat 62 :: The Quarters3
£1,35005/240.21 mi3 Bedroom Apartment Northern Quarter Available Now 3
£2,05001/250.21 mi-3
£2,55001/230.24 mi2 Keepers Quay, Manchester, M4 6JN3
£2,45006/240.24 mi2 Keepers Quay, Manchester, M4 6JN3
£2,00012/240.24 mi-3
£2,60005/240.24 mi-3
£3,50007/240.24 mi-3
£4,00001/250.24 mi-3
£4,00001/250.24 mi-3
£2,30012/240.25 mi-3
£2,10006/240.25 miApt137, Addington Street, Manchester, Greater Manchester, M43
£1,65005/240.26 mi-3
£1,65005/240.26 miBack Piccadilly, Manchester, M13
£2,25012/240.26 mi-3
£1,60005/240.26 mi-3
£1,60005/240.26 miJohn Smeaton Court, Manchester, M13
£2,29505/240.27 miLockgate Mews Manchester M43
£1,65005/240.27 miRoper Court, 109 George Leigh Street, Manchester, Greater Manchester, M43
£2,29505/240.27 miLockgate Mews, Manchester3
£2,40006/240.27 miLockgate Mews, Manchester3
£2,40006/240.27 miLockgate Mews, Manchester3
£4,70002/240.28 mi-3
£2,10005/240.28 miSmithfield Buildings, Tib Street, Northern Quarter, Manchetser, M43
£2,60005/240.28 mi1 Finders Quay, Manchester, Greater Manchester, M43
£2,45012/240.28 mi-3
£2,20001/250.28 mi-3
£1,95006/240.28 mi-3
£1,90006/240.28 miIslington Wharf, Ancoats, Manchester, M43
£2,20005/240.29 miSmithfield Building, Tib Street Northern Quarter M43
£1,55005/240.29 miQuantum, Piccadilly, M13

Local Area Statistics

Population in M4

10,600

Population in Manchester

920,095

Town centre distance

2.08 miles away

Nearest school

0.10 miles away

Nearest train station

0.37 miles away

 

 

Rental demand

Landlord's market

Rental growth (12m)

-17%

Sales demand

Buyer's market

Capital growth (5yrs)

+3%

Property History

Listed for £1,095,000

April 25, 2024

Floor Plans

Description

  • Grade II* -listed Victorian mill +
  • Three-bedroom triplex townhouse apartment +
  • Over 2,300 square foot, spread across three-storeys +
  • Designed by Urban Splash & Stephenson Studio +
  • Open-plan living space and kitchen +
  • Second reception room +
  • Principal bedroom suite and dressing room +
  • Guest bedroom suite and further bedroom +
  • Private terrace +
  • Gated private off-street parking +

A Grade II* -listed Victorian mill in the Northern Quarter, this impressive three-bedroom triplex townhouse apartment stands as a testament to design and restoration. The complete renovation by Urban Splash and Stephenson Studio marries historic charm with contemporary flair. Inside, original mill features and materials are retained, complementing modern additions like polished concrete and engineered oak flooring. This juxtaposition of old and new creates a living space that is both functional and aesthetically compelling. Additionally, the townhouse benefits from an allocated parking space and is offered chain free. The Building Originally opened in 1825 as Brownsfield Mill, AVRO was primarily a ‘Room and Power Mill’ providing serviced floor space to help nascent entrepreneurs and small companies establish themselves. It became notable as the home of A.V. Roe & Co., manufacturers of the iconic Lancaster & Vulcan aircrafts and a pillar in British Aviation history. Over a century later, by 2021, this Urban Splash project, acclaimed with RIBA awards, honors its industrial heritage while masterfully integrating modern elements like overclad winding stairs. AVRO not only features a private landscaped garden that fosters a strong community atmosphere among residents but also significantly contributes to the area's regeneration. It's one of the last mills converted, setting a precedent for the revitalisation of this historically neglected quarter. The Space  In this three-bedroom triplex, exposed brick and wooden beams emphasize AVRO’s industrial past. An entrance hallway and expansive aluminum-framed double doors lead to an open-plan area, anchored by a contemporary kitchen. A multifunctional kitchen island, topped with white quartz and extending into a reclaimed oak dining table, serves as a striking focal point and additional worktop. Two large pendant lights accentuate the generous ceiling height and painted wooden boards. Fluted dark ash cupboard doors accented by gold handles open to a bright, well-organised pantry set against an exposed brick wall, which adds warmth and storage. Here, form meets function with abundant workspaces, all maintained neatly alongside a separate utility and laundry room to keep clutter at bay.  Traces of the building's industrial heritage are evident in elements such as the infilled arch, once a conduit connecting to the waterways that powered the mill. Swathes of natural light pour into the space here, courtesy of expansive windows and towering double doors framing the lush greenery of the private terrace. A guest W/C is also conveniently located on this level.  All three bedrooms strike a perfect balance, blending rustic charm with contemporary design. Exposed brick walls provide warm red tones that complement the neutral hues of the textured loop pile carpet underfoot. Above, the white wooden planks of the ceilings offer a bright contrast, amplifying the light and contributing to a sense of spaciousness. This interplay of materials creates an ambiance that is both cozy and chic. The first-floor plan includes a principal suite and a separate reception room. The en suite boasts a timeless style, complete with a deep walk-in rain shower and ambient lighting. The reception room, currently configured as a lounge and bar, provides an ideal space for social gatherings. On the second floor, two additional bedrooms and a dressing room are presented, along with a guest en-suite that boasts a statement deep tub. The third bedroom is an enchanting retreat for children, offering a creative play space complete with a cosy window seat nestled within an arched window, inviting daydreams against the warm backdrop of exposed brick and wooden beams. Tucked behind the third bedroom, this versatile space serves as a compact fitness area and additional storage zone. Overlooking the staircase below, it has a loft-like, mezzanine quality, with the openness adding an airy dimension. Outdoor Space From the main living area, double doors open onto a secluded, private terrace. This delightful paved outdoor space, equipped with comfortable seating, serves as a sun-trap, facing south to capture sunlight well into the evening. It's an ideal spot for morning coffees or hosting alfresco dinners, providing a refreshing contrast to the urban surroundings. This terrace is a serene escape nestled at the heart of the city—a distinctive urban luxury. The Area AVRO is situated overlooking the Rochdale Canal in the once industrial area of the Northern Quarter, a district where old warehouses have been repurposed into a lively blend of independent galleries, shops, and cafes. Local highlights in this vibrant area include the historic Mackie Mayor, popular coffee and brunch spots like Takk and Foundation Coffee House. The area also boasts artisanal boutiques such as Nordic Muse and Deadstock General Store, alongside cultural havens like the Egoiste Gallery and Unitom Bookshop. Known for its excellent music scene, with landmarks like Band on the Wall, the Northern Quarter is a hub of artistic and cultural activity in the heart of Manchester. Families will find a selection of primary and secondary schools acclaimed for their excellence, with Ofsted ratings of 'Outstanding'. Additionally, the prestigious independent Abbey College is also nearby. The location offers convenient motorway access via the M56, M60, and M62 making travel and commuting straightforward. Manchester International Airport is just a 25-minute drive away, ensuring easy connections for international travel. For those looking to venture to the capital, the train journey from Manchester Piccadilly—only an 8-minute walk—to London Euston is efficiently timed at just 2 hours and 15 minutes.

Agent Details

Bohm, Manchester

0161 524 7139

Next Steps?

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