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Skyscraper flats left high and dry
4:05am Tuesday 19th February 2008
Comments (52)A developer has "pulled the plug" on plans to create apartments in one of Bradford's least-loved buildings amid fears over the stability of the city centre property market.
JM Construction had wanted to buy High Point, once the headquarters of the Yorkshire Building Society, to convert into flats in a multi-million pound facelift for the concrete-clad office block.
But John Mulleady, managing director of JM Construction, today revealed his Morley company had pulled out of a deal with the building's owner, Manoj Aggarwal, because the apartment market in Bradford had "died a death".
Mr Mulleady's viewpoint has been hotly disputed by other developers and agents, although one city living specialist admitted that some apartment prices had fallen by up to 20 per cent as first-time investors panicked in the face of the Northern Rock crisis and the global credit crunch.
In 2005, the Telegraph & Argus revealed how Mr Aggarwal, a Manchester property developer, wanted to give the 1970s tower block an updated exterior as part of plans to create apartments, offices and shops.
Mr Mulleady said: "We had intended to buy it for apartments and were ready to go but, with the market in Bradford the way it is, it's too risky for me because apartments have died a death. The market slowed down just before Christmas, not just in Bradford but all over, and people are hanging on to see if there is going to be a recession.
"The last thing I need is 100 apartments that I can't sell," added Mr Mulleady, whose company is also involved in apartment projects at Midland Mills, in Manningham, and Thompson Mills, off Thornton Road, Bradford.
More than 1,700 over-stretched homeowners in the Bradford district were taken to court by lenders seeking repossession last year - an 18 per cent rise compared with 2006.
One example is at a complex in Byron Street, Bradford, where a luxury two-bedroom penthouse apartment has been repossessed and put back on the market for £124,950.
But Mani Waheed, managing director of Bradford property company Squarefoot Apartments, said: "Repossessions happen all over the UK and this is not due to the fact that Bradford's regeneration is slower than we would like, it is due to individual circumstances.
"Apartment prices in Bradford city centre are not falling. The prices are steady and holding values. From an investor point of view the Bradford rents are moving up, so rent payments are covering mortgage payments."
Asghar Ali, managing director of Bradford-based city living specialist Smart Moves, said: "I would not say the market was buoyant, but it's still safe money in the sense that there's lots of growth potential in Bradford."
Mr Ali said examples of large drops in some prices were driven by a small minority of first-time investors who had panicked and sold £100,000 apartments for up to £20,000 less than their "real values".
Meanwhile, Asquith Properties, the company behind the Gatehaus scheme and the 38-storey Citygate complex, in Manchester Road, said the location and quality of developments would keep property prices buoyant, adding that sale and rental values in Bradford outstripped the West Yorkshire average last year.
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Your Say YourBradford Telegraph and Argus
Andy Bairsto, bradford says...
11:09am Tue 19 Feb 08
Andy Bairsto, bradford says...
11:09am Tue 19 Feb 08
Andy Bairsto, bradford says...
11:09am Tue 19 Feb 08
flyblown, leeds says...
11:16am Tue 19 Feb 08
flyblown, leeds says...
11:16am Tue 19 Feb 08
flyblown, leeds says...
11:16am Tue 19 Feb 08
flyblown, leeds says...
11:16am Tue 19 Feb 08
Brad I. Stanland, Shipley says...
11:24am Tue 19 Feb 08
Anyone thinking of buying any of Mr. Mulleady's other apartments might also consider whether they need to be stuck with one of his apartments that they can't sell.
Brad I. Stanland, Shipley says...
11:24am Tue 19 Feb 08
Anyone thinking of buying any of Mr. Mulleady's other apartments might also consider whether they need to be stuck with one of his apartments that they can't sell.
Brad I. Stanland, Shipley says...
11:24am Tue 19 Feb 08
Anyone thinking of buying any of Mr. Mulleady's other apartments might also consider whether they need to be stuck with one of his apartments that they can't sell.
Brad I. Stanland, Shipley says...
11:24am Tue 19 Feb 08
Anyone thinking of buying any of Mr. Mulleady's other apartments might also consider whether they need to be stuck with one of his apartments that they can't sell.
chris, BRADFORD says...
11:38am Tue 19 Feb 08
But you do get a good view with them look out after dark and you can see Bradford centre in it full glory with Drug dealers on the road and loads of ladys of the night on the corner and then on a weekend you see all the drunks as well
all this for a small 600 pounds pcm
It makes me wonder who bought these lol
Thanks
chris, BRADFORD says...
11:38am Tue 19 Feb 08
But you do get a good view with them look out after dark and you can see Bradford centre in it full glory with Drug dealers on the road and loads of ladys of the night on the corner and then on a weekend you see all the drunks as well
all this for a small 600 pounds pcm
It makes me wonder who bought these lol
Thanks
chris, BRADFORD says...
11:38am Tue 19 Feb 08
But you do get a good view with them look out after dark and you can see Bradford centre in it full glory with Drug dealers on the road and loads of ladys of the night on the corner and then on a weekend you see all the drunks as well
all this for a small 600 pounds pcm
It makes me wonder who bought these lol
Thanks
chris, BRADFORD says...
11:38am Tue 19 Feb 08
But you do get a good view with them look out after dark and you can see Bradford centre in it full glory with Drug dealers on the road and loads of ladys of the night on the corner and then on a weekend you see all the drunks as well
all this for a small 600 pounds pcm
It makes me wonder who bought these lol
Thanks
House Price Crash, Bradford says...
12:13pm Tue 19 Feb 08
It is fantastic seeing all these property investors squel with pain, haha. They have helped price out a whole generation of first time buyers, but they will suffer in the end with massive losses.
House price crash here we come!
House Price Crash, Bradford says...
12:13pm Tue 19 Feb 08
It is fantastic seeing all these property investors squel with pain, haha. They have helped price out a whole generation of first time buyers, but they will suffer in the end with massive losses.
House price crash here we come!
House Price Crash, Bradford says...
12:13pm Tue 19 Feb 08
It is fantastic seeing all these property investors squel with pain, haha. They have helped price out a whole generation of first time buyers, but they will suffer in the end with massive losses.
House price crash here we come!
House Price Crash, Bradford says...
12:13pm Tue 19 Feb 08
It is fantastic seeing all these property investors squel with pain, haha. They have helped price out a whole generation of first time buyers, but they will suffer in the end with massive losses.
House price crash here we come!
James, Cullingworth says...
12:46pm Tue 19 Feb 08
The reposession figures is purely down to people's financial mis-management and wanting to live in a home they can't afford (in the main, unemployment is an exception however they really should have insuarnce to cover this!). Those who are self-employed and hit hard times through no fault of their own do have my sympathy however.
Property prices havn't dropped but the rise has certainly slowed, and like House Price Crash stated, they are partially to blame for the huge propoerty prices we face in this country.
It is good to hear that the majority of developers remain committed and optimistic, but for how long?!
Bradford has plenty of potential and hopefully Broadway, City Gate and the Channel Development will get developed and act as a catalyst for the rest of the city. If the developers of these schemes were to pull out then Bradford really is doomed for another couple of decades!!!
James, Cullingworth says...
12:46pm Tue 19 Feb 08
The reposession figures is purely down to people's financial mis-management and wanting to live in a home they can't afford (in the main, unemployment is an exception however they really should have insuarnce to cover this!). Those who are self-employed and hit hard times through no fault of their own do have my sympathy however.
Property prices havn't dropped but the rise has certainly slowed, and like House Price Crash stated, they are partially to blame for the huge propoerty prices we face in this country.
It is good to hear that the majority of developers remain committed and optimistic, but for how long?!
Bradford has plenty of potential and hopefully Broadway, City Gate and the Channel Development will get developed and act as a catalyst for the rest of the city. If the developers of these schemes were to pull out then Bradford really is doomed for another couple of decades!!!
James, Cullingworth says...
12:46pm Tue 19 Feb 08
The reposession figures is purely down to people's financial mis-management and wanting to live in a home they can't afford (in the main, unemployment is an exception however they really should have insuarnce to cover this!). Those who are self-employed and hit hard times through no fault of their own do have my sympathy however.
Property prices havn't dropped but the rise has certainly slowed, and like House Price Crash stated, they are partially to blame for the huge propoerty prices we face in this country.
It is good to hear that the majority of developers remain committed and optimistic, but for how long?!
Bradford has plenty of potential and hopefully Broadway, City Gate and the Channel Development will get developed and act as a catalyst for the rest of the city. If the developers of these schemes were to pull out then Bradford really is doomed for another couple of decades!!!
James, Cullingworth says...
12:46pm Tue 19 Feb 08
The reposession figures is purely down to people's financial mis-management and wanting to live in a home they can't afford (in the main, unemployment is an exception however they really should have insuarnce to cover this!). Those who are self-employed and hit hard times through no fault of their own do have my sympathy however.
Property prices havn't dropped but the rise has certainly slowed, and like House Price Crash stated, they are partially to blame for the huge propoerty prices we face in this country.
It is good to hear that the majority of developers remain committed and optimistic, but for how long?!
Bradford has plenty of potential and hopefully Broadway, City Gate and the Channel Development will get developed and act as a catalyst for the rest of the city. If the developers of these schemes were to pull out then Bradford really is doomed for another couple of decades!!!
Divers_uk, Bingley says...
1:01pm Tue 19 Feb 08
That may be the case for houses, try looking at the flats (sorry apartments) market, at least Leeds is worse than Bradford!
Divers_uk, Bingley says...
1:01pm Tue 19 Feb 08
That may be the case for houses, try looking at the flats (sorry apartments) market, at least Leeds is worse than Bradford!
Divers_uk, Bingley says...
1:01pm Tue 19 Feb 08
That may be the case for houses, try looking at the flats (sorry apartments) market, at least Leeds is worse than Bradford!
Divers_uk, Bingley says...
1:01pm Tue 19 Feb 08
That may be the case for houses, try looking at the flats (sorry apartments) market, at least Leeds is worse than Bradford!
goalkeeper, bradford says...
2:05pm Tue 19 Feb 08
Andy Bairsto wrote:The oversupply of apartments is not just a Bradford issue - it's nationwide & much worse in Leeds.
According to Maude Bradford is booming the reality is heartbreaking for many people, to state people had panicked may tell only part of the story more than likely any other option was taken from them.
goalkeeper, bradford says...
2:05pm Tue 19 Feb 08
Andy Bairsto wrote:The oversupply of apartments is not just a Bradford issue - it's nationwide & much worse in Leeds.
According to Maude Bradford is booming the reality is heartbreaking for many people, to state people had panicked may tell only part of the story more than likely any other option was taken from them.
goalkeeper, bradford says...
2:05pm Tue 19 Feb 08
Andy Bairsto wrote:The oversupply of apartments is not just a Bradford issue - it's nationwide & much worse in Leeds.
According to Maude Bradford is booming the reality is heartbreaking for many people, to state people had panicked may tell only part of the story more than likely any other option was taken from them.
goalkeeper, bradford says...
2:05pm Tue 19 Feb 08
Andy Bairsto wrote:The oversupply of apartments is not just a Bradford issue - it's nationwide & much worse in Leeds.
According to Maude Bradford is booming the reality is heartbreaking for many people, to state people had panicked may tell only part of the story more than likely any other option was taken from them.
Darren, shipley says...
9:45pm Tue 19 Feb 08
oney/2008/feb/16/pro
perty.houseprices
So its not just Bradford, it just seems like one thing 'on top of the rest' due to the westfield malarky.
Darren, shipley says...
9:45pm Tue 19 Feb 08
oney/2008/feb/16/pro
perty.houseprices
So its not just Bradford, it just seems like one thing 'on top of the rest' due to the westfield malarky.
Darren, shipley says...
9:45pm Tue 19 Feb 08
oney/2008/feb/16/pro
perty.houseprices
So its not just Bradford, it just seems like one thing 'on top of the rest' due to the westfield malarky.
Darren, shipley says...
9:45pm Tue 19 Feb 08
oney/2008/feb/16/pro
perty.houseprices
So its not just Bradford, it just seems like one thing 'on top of the rest' due to the westfield malarky.
Pete, Bradford says...
9:58pm Tue 19 Feb 08
Pete, Bradford says...
9:58pm Tue 19 Feb 08
Pete, Bradford says...
9:58pm Tue 19 Feb 08
Pete, Bradford says...
9:58pm Tue 19 Feb 08
mrs walker, round here says...
11:23pm Tue 19 Feb 08
Pete wrote:It must be true, it said so in the Daily Mail... ;-)
I worry about you reading the Guardian Darren. If ever a newspaper has its own agenda the Guardian has. Be careful what you believe when you read it.
mrs walker, round here says...
11:23pm Tue 19 Feb 08
Pete wrote:It must be true, it said so in the Daily Mail... ;-)
I worry about you reading the Guardian Darren. If ever a newspaper has its own agenda the Guardian has. Be careful what you believe when you read it.
mrs walker, round here says...
11:23pm Tue 19 Feb 08
Pete wrote:It must be true, it said so in the Daily Mail... ;-)
I worry about you reading the Guardian Darren. If ever a newspaper has its own agenda the Guardian has. Be careful what you believe when you read it.
mrs walker, round here says...
11:23pm Tue 19 Feb 08
Pete wrote:It must be true, it said so in the Daily Mail... ;-)
I worry about you reading the Guardian Darren. If ever a newspaper has its own agenda the Guardian has. Be careful what you believe when you read it.
Chris, Keighley says...
11:59pm Tue 19 Feb 08
Chris, Keighley says...
11:59pm Tue 19 Feb 08
Chris, Keighley says...
11:59pm Tue 19 Feb 08
Chris, Keighley says...
11:59pm Tue 19 Feb 08
KnowBradford, On the Ball says...
10:17am Wed 20 Feb 08
KnowBradford, On the Ball says...
10:17am Wed 20 Feb 08
KnowBradford, On the Ball says...
10:17am Wed 20 Feb 08
KnowBradford, On the Ball says...
10:17am Wed 20 Feb 08
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Andy Bairsto, bradford says...
11:09am Tue 19 Feb 08