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Victory Pier homes yield high return

by James Renoux-Wood Tue 15 October 2013, 10:38 am

Rental returns at Gillingham's Victory Pier are up to 6.5 per cent and properties at the development have now attracted almost 50 investors, according to developer Berkeley Group.

More than 60 per cent of homes have been reserved at the riverside scheme’s current phase, Marina Heights, which include a range of Manhattan suites, one, two and three-bedroom apartments.

On completion, the VIctoty Pier scheme will comprise 800 new homes, 24,000sq ft of retail and commercial space, shops, restaurants, a 120-bed hotel and a floating cultural and art centre.

James Leuschner, area manager at local lettings agency, Regal Estates, says: "Victory Pier continues to attract tenants from the local, national and international markets.

"The current phase, Marina Heights has proved particularly popular and we have waiting lists for certain apartment styles. Tenant demand is high and in most cases, investors can expect a tenant to be in place within two weeks of completion.

"With high rental yields and the ongoing regeneration of Medway, I would expect there to be further capital appreciation in the long term future." 

Prices for a Manhatten Suite start at £114,950.

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