Cherie Blair buys Urmston converted development

Cherie Blair buys Urmston development

Cherie Blair has dramatically expanded her family’s property empire by buying a converted development on Gloucester Road in Urmston.

The recent purchase of ten apartments in Urmston take the Blairs’ portfolio to 18 homes.

Mrs Blair may have noticed a recent Nationwide house price survey saying prices in Manchester are rising at the fastest rate in the UK, beating even London.

Cherie Blair and eldest son Euan paid a knock-down price of £650,000 for the converted development in Urmston, just five miles from Manchester city centre via a property company they set up earlier this year, Oldbury Residential Ltd.

In 2008, a local Urmston businessman converted the two adjoining double-fronted Victorian houses formally known as ‘Victoria Terraces’ to create this high specification development of ten bespoke apartments including a simply spectacular and utterly unique 950 sq ft luxury penthouse.

In 2012 and 2013, VitalSpace Estate Agents managed the development prior to it being repossessed by the bank. During that prior the building generated a rental return of £55,800 per year.

Director – Richard Antrobus comments

The Gloucester Road development is an ‘excellent buy-to-let investment’ with consistent demand from tenants looking to live in this area. Located just minutes away from the bars and shops of Urmston this development is a safe bet in today’s property market. My lettings team managed this development in 2012 and 2013 and the rental income was always very steady with little to no void periods.

This converted development includes; telephone entry systems, secure parking and is located just minutes away from Urmston train station.