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Why invest in a UK property with a housing association tenant

Investing in a property with a housing association tenant can offer several positive advantages, which may make it an attractive option for certain investors. Here are some of the key benefits: Stable Rental Income Housing association tenants are generally reliable payers, and their rent is often guaranteed by the housing association or local authority. This stable rental income can provide you with a predictable cash flow and reduce the risk of rental arrears or void periods. Longer Tenancies Housing association tenants often sign longer-term tenancy agreements compared to private renters. Longer tenancies mean less turnover and reduced costs associated with finding new tenants and preparing the property for new occupants. Lower Vacancy Risk The demand for social housing is usually high, which means there is a consistent pool of potential tenants. As a result, the property is less likely to be vacant for extended periods, minimizing income gaps. Less Management Responsibility In many cases, the housing association takes on the responsibility of managing the property and dealing with tenant-related matters. This can be a significant advantage for landlords who prefer a more hands-off approach to property management. Social Impact Investing in social housing through housing associations allows you to contribute positively to society by providing affordable housing to those in need. Some investors find this aspect rewarding as they can make a difference in their community. Lower Tenant Turnover Costs With longer and more stable tenancies, you can save money on advertising for new tenants, tenant background checks, and property maintenance between tenancies. Government Support and Stability Social housing is often backed by government policies and initiatives, which can provide additional stability to your investment. Government support can also mean fewer policy changes that could negatively impact your rental income. Potential for Lower Property Prices Properties in areas with a high proportion of social housing may be more affordable compared to those in high-demand locations. This could make it easier for investors to enter the property market and diversify their portfolio. Hands-On Housing Associations Some housing associations actively maintain and improve their properties, which can result in better-maintained homes and potentially higher property values. It’s essential to note that the advantages of investing in housing association properties can vary depending on the specific location, housing association, and prevailing market conditions. As with any investment, there are also risks and considerations to consider, such as potential changes in government policies, the financial stability of the housing association, and the overall condition of the property. Conduct thorough research and seek professional advice before making any investment decisions. If you would like to know more about investing in Housing association tenanted properties and receive our current availability, please get in touch.

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Detroit news July 2023

10 years after Detroit bankruptcy properties are seeing development again The Residence at Water Square A new skyscraper apartment building, renovated parking garages and a more walkable riverfront space are among the active projects on properties Detroit ceded to creditors in the settlement of the city’s bankruptcy. The city settled more than $1.4 billion in troubled pension debts with New York-based Financial Guaranty Insurance Co. (FGIC) and Bermuda bond insurer Syncora Guarantee Inc. The process resulted in FGIC gaining control of the redevelopment of the former Joe Louis Arena site on prime riverfront real estate, while Syncora also received development rights to riverfront properties and lucrative leases like for the Windsor-Detroit Tunnel. Local developers, however, have since brought the properties under their control. Now that they have, construction has risen, beautification and site preparation are underway and some sites have reopened to the public. The development at the Joe Louis (Arena) site may have taken longer than expected, but is a very beneficial outcome and looks like a positive outcome in the long-term. Joe Louis Arena site The city-funded demolition completed in 2020 of Joe Louis Arena, the home of the NHL’s Detroit Red Wings franchise until July 2017, when the team moved to Little Caesars Arena, is perhaps the most significant change to emerge from Detroit’s bankruptcy land deals. An affiliate of Detroit developer Sterling Group acquired option rights to the property from FGIC in a $14 million deal in 2019, buying the site of the former arena and its nearby parking garage. A hotel originally had been planned for the arena site, though a lawsuit from FGIC against the city in 2018 suggests those plans might have changed based on the city’s preferences as the downtown real estate market shifted. Sterling Group is now completing construction on a 25-story, 496-unit glassy apartment building it calls The Residence at Water Square, which features floor-to-ceiling windows and rooftop lounges that overlook downtown, the Detroit River and Windsor, Ontario. Applications for leasing the studio, one-bedroom and two-bedroom penthouse suites opened last month, with move-ins expected to begin in February, two years after site preparation work began. Danny Samson, Sterling Group’s chief development officer, likened the development to those seen in major real-estate markets like Chicago and New York, saying Detroit is now ready for an apartment complex like this one that can offer a walkable, upscale lifestyle. “It’s indicative of what is happening in the city of Detroit,” Samson said. “We have overcome challenging times and now are onto a brighter future with every opportunity today and for tomorrow.” The site itself has been dubbed Water Square, and there will be a walkable, interactive space around the building in future phases, Samson said, with more details to come. Sterling Group has been in talks with the Detroit Regional Convention Facility Authority board about building a 600- to 800-room hotel that would be connected to Huntington Place. The two entities entered an agreement in January, and property has been deeded to the city for the expansion, Bruce Goldman, the city’s chief assistant corporation counsel, said in an email. The riverfront convention centre sits within a short walking distance of the Residences at Water Square. Residents of the apartment complex won’t have their own parking, though valet service will be available. In early 2021, Grosse Pointe-based Foster Financial Co. purchased the eight-story Joe Louis Parking Garage at 900 W. Jefferson Ave. from Sterling Group to offer parking for tenants of the commercial building it owns at 211 W. Fort St. and for the public. “There is major demand in downtown Detroit, regardless of whether people are working from home,” said Brad Foster, president of Foster Financial. “There is a deficit of parking spaces.” The garage reopened in March 2022 after $10 million in renovations of the first five floors involving concrete work, waterproofing, new lighting and new security measures. Another $14 million in work is expected to be completed in the next year on the top three floors. Developments such as The Residence at Water Square ( just one example ) solidifies the increase and positive future for Detroit. Business, professional services, electronics, software and IT services and of course construction and real estate and financial services are showing great promise in the city. Global Investments are also seeing a growing re-interest in the Detroit buy to let investment market. If you are ready to invest in the Detroit housing market, or wish for a call and more information on the latest properties Global Investments can offer then please email us today at : invest@globalinvestmentsincorporated.

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Cleveland News June 2023

‘Re-Imagine Euclid Ave.’ Study Focuses on Pedestrian Safety, Congestion on University Circle Corridor One of the most congested areas on Cleveland’s East Side could see a major road revamp in the next year, a recent study presented Tuesday foretold. “Re-Imagine Euclid Avenue,” a new transportation plan backed by NOACA and the RTA, suggests that the main artery linking Midtown to Uptown is in need of a restructuring, from dedicated bike lanes to an extension of RTA’s HealthLine further into East Cleveland. The Superior Avenue Midway, a centre lane bike corridor which will connect Public Square with East 55th, will be the city’s first modern cyclist corridor of its kind when its constructed—as planned—in 2025. And Shaker Heights’ $23 million Lee Road Action Plan, which was approved by council in March, will give the street its own road diet, adding a sidewalk-level, two-way cycle track, along with expanding sidewalks, seating and boosting lighting. University One, a recent high rise luxury apartment complex close to Euclid, along with the proposed Infinium on East 117th, Circle Square off Stokes Blvd., and a redesign of the nearby branch of the Cleveland Public Library, will only beckon for the fruits of the re-imagining: to enhance University Circle’s walkability. On and off its roadways. Cleveland City Council approves $10 million for waterfront projects Cleveland City Council just approved $10 million for four projects aiming to improve the city’s waterfront. The four projects — Irishtown Bend, expansion of an East Side fishing pier, Euclid Creek Greenway and the Northcoast Connector project — will receive funding through American Rescue Plan Act dollars. Legislation approving the four projects was approved without any no votes during a City Council meeting. The North Coast Connector project aims to connect downtown Cleveland to the lakefront by creating a land bridge from the downtown mall to the lakefront, improving access to the Rock and Roll Hall of Fame and Cleveland Browns Stadium. The $3 million approved would partially fund engineering of the project, which is estimated to cost between $8 million and $10 million, according to city documents. The city says its $3 million contribution is needed to leverage other investment in the project design. Council also approved $1.5 million for design work to improve and expand the East 55th fishing pier. When seeking public comment on how to improve the lakefront, one recurring theme was the need for an improved fishing area, Cleveland City Councilman Anthony Hairston said. The pier improvement is part of the CHEERS project. CHEERS, which stands for Cleveland Harbor Eastern Embayment Resilience Strategy, is a $300 million project designed to improve lakefront access east of the Burke Lakefront Airport. The project plans to do that by reusing dredge material from the Cuyahoga River to expand parks and improve the shoreline. Council approved spending $1.5 million in ARPA funds to design the project’s early implementation phase, which will include adding four to six acres of parkland, fixing a break wall and improving fishing areas, according to city documents. The Irishtown Bend project aims to stabilise a hillside in Ohio City and transform it into a 17-acre park. Cleveland City Council approved putting $5 million in ARPA funds toward the project, which has an estimated total cost of $95 million. The Euclid Creek Greenway would carve a two-mile trail from Euclid Creen Parkway to the lakefront. The multi-phase project is a “missing link” between the city’s East Side and the lakefront, said Joyce Pan Huang, Cleveland’s director of city planning. Council approved $500,000 toward the project which has a total cost of $800,000. The design and engineering phase is expected to go through 2024, as trail routes are not yet finalised If you would like more information or wish for a call regarding the latest properties Global Investments can offer in this location then please email us today at : invest@globalinvestmentsincorporated.

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