Unsafe Cladding-Grenfell fire Tragedy- The Risks of City Center Flats UK
This is why we do not invest in UK city center flats. Besides ground rents, management, potential non paying working tenants add in the issue of cladding. Many Hong Kong investors used to buy this Manchester city center flats however we are having more and more discussions regarding 100 year old terraced houses on long UK Govt backed social housing contracts.
There is now a long awaited bailout package worth billions of pounds for homeowners affected by the cladding scandal is being announced by the government. However how would you feel having spent several hundred thousand of GBP and your property to be deemed worthless due to cladding or you have to pay a large assessment.
This is just the tip of the iceberg with these city center flats.
The Govt is speaking about a £5bn bailout fund to help owners who are trapped in flats cased in potentially lethal cladding and facing repair bills averaging £40,000.
What would you prefer a cash flowing 8-9% net investment with the Home office as your tenant?
You decide
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