JM Construction
developer of quality residential properties
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JM CONSTRUCTION (LEEDS) LTD

Press Information

For Immediate Release
July 12 2011
 

BRADFORD APARTMENT SCHEME DEFIES ECONOMIC GLOOM

 

A residential apartment development in Bradford is defying current economic conditions.

JM Construction (Leeds) Ltd. has announced that 26 out of the 28 apartments at their development on Thornton Road, close to the university district and the Alhambra theatre, have now been sold. 

Priced at around £70,000 for a two bedroom apartment, the developer has seen interest from buyers looking for both good rental returns and longer term capital growth.        

John Mulleady, Managing Director of JM Construction said: ‘Despite the tough economic conditions these apartments have proved popular with a range of buyers.

‘Whereas other developers remain overly optimistic, we have been realistic with our pricing, without compromising on the quality, and buyers have responded in a very positive way.’

The success of the Thornton Road development is in direct contrast to the subdued nature of the property market generally, which Mr Mulleady blames on bank lending restrictions.

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‘Bank lending, particularly for residential apartments, is almost non existent. First time buyers are the worst hit and until we ease the restrictions on them, the whole process will continue to stagnate.’                             

JM Construction bought the part completed site from the receivers and hopes to have it ready for the first residents to move in in September.

Mr Mulleady said: ‘We inherited a number of problems when we bought the site. Planners and Building Control at Bradford Council have been very helpful, which has allowed us to move the project forward.’

JM Construction has been involved in a number of high profile schemes in and around the Bradford area, including the King Cole Mills development at Crossflatts, near Bingley.

The firm continues to back Bradford by actively pursuing other sites in the area.

Mr Mulleady said: ‘With the changes and improvements currently being made I think Bradford has a bright future.

‘I have every confidence in the City and will continue to pursue viable schemes.’      

ENDS