New buy-to-let concept to launch in Burnley
A brand new buy-to-let property concept predicted to shake up the budget hotel market is set to launch in Burnley next year.
Apartel Burnley, from commercial property specialists Group First, is a development of 134 luxury one-bedroom hotel suites which can be rented flexibly for any period of time from a single night to a 12-month term.Each identical capsule suite is said to include a smart TV and heating, Lutron lighting with iPhone controls, a double bed, kitchen area, workspace and state-of-the-art washer dryer.
Designed to work as a student let, business commuter crash pad, starter flat or simply an affordable alternative to budget hotel chains, Apartel will be available from around £150 a week, with a sliding price scale depending on length of stay.The first ever £10.6m Apartel location is part of the On The Banks regeneration scheme, in partnership with Barnfield Construction.
The development is being constructed sympathetically to embrace the history of the area and promote its heritage.The building will benefit from a 24-hour concierge service, 60 free parking spaces, a communal gym fitted with the latest Technogym equipment, a Costa coffee shop and an outdoor amphitheatre and seating area.
After fine-tuning a prototype at his nearby Padiham headquarters, Group First managing director Toby Whittaker says the formula is almost ready to be unveiled to the public and investors.He said: “Apartel is a revolutionary new concept in buy-to-let. We identified a gap in the market for an investment engine that gave consumers the flexibility they crave.
“And the beauty really is in the flexibility at every stage – from who can stay there, to how long and even down to multiple income streams for investors.“Amazingly, all of this will cost less than a night at your local budget hotel chain – it sounds incredible but it’s a business model that can really work and compete at the highest level.”