Pioneer House, Elmira Way, Salford M5.
The address
Pioneer House, 1C Elmira Way, Salford M5 3LL, as given in the draft investor pack. The full address is still to be confirmed.
The property
A leasehold flat, furnished, on the fourth floor: two bedrooms, en-suite to the main bedroom, with a balcony and allocated parking.
The asking rent
£1,000 a month, advertised from 24 October, with a £1,153 deposit. These are the agent's asking terms. They are not agreed for a company let.
The location
Ordsall side of Salford Quays, a short walk from Exchange Quay Metrolink and MediaCityUK (agent's listing). The media and production cluster is why the strategy fits: it is upside, not something the numbers depend on.
The plan
A company let, with the landlord's written consent and any building or head-lease permission, run as serviced accommodation for contractors, crews and business visitors. Nothing is bought.
Built on assumptions. The £150 nightly rate and 70% occupancy are modelled, not backed by bookings. AirROI puts Salford-wide short-let occupancy at 36.4%, where this flat would lose £149 a month. No written landlord consent has yet been obtained. All figures are before tax.
You put in £7,543. Nothing is bought.
The capital
£7,543 goes in: £1,153 is the returnable deposit, subject to the tenancy terms, and £6,390 is spent. At the modelled £985 a month it comes back in about eight months. That is not assured. Income only: there is no asset to sell or refinance, for as long as the lease runs.
The income
At a modelled £150 a night and 70% occupancy (21 nights) the flat takes £3,150. Per-stay costs, the 15% management and channel fee, rent and bills leave £985 a month. Neither the rate nor the occupancy is yet backed by bookings.
The bills
Council tax is modelled at Salford band C (£192 a month). This flat's band is not confirmed: the block has bands A to C. Utilities £55, broadband £55 and insurance £75 a month are set for one-bed units; a two-bed will cost more.
What you are committed to
The rent to the landlord falls due every month for the length of the lease, whether or not the flat is booked. The bills continue too.
What goes in
Every month, at 70% occupancy
Occupancy decides this deal. Here is the range.
The 70% occupancy assumption illustrates the potential return if the property achieves 21 booked nights per 30-day month. It is not an evidenced forecast.
AirROI reports 36.4% occupancy across the wider Salford short-let market. This includes different property types and locations, so it is not a direct comparison with a two-bedroom corporate accommodation property at Salford Quays.
The difference between these figures is material. Achieving the modelled return depends on attracting sufficient corporate and contractor bookings. Property-specific comparable trading evidence is still required to establish how realistic that assumption is.
The nightly rate matters too. These are sensitivities, not forecasts. At £127.50 a night (15% below the model) the surplus falls to £584 a month and breakeven rises to 49.2%. At Airbtics' £101 Salford average it falls to about £111 a month.
We check before you commit.
- 1
Consent
Ask Northwood Quay Property, in writing, whether the landlord will grant a company let with serviced use, and get the building lease's short-let terms.
- 2
Comparables
Two-bed booking comparables around Elmira Way and Exchange Quay: nightly rate and occupancy over the last twelve months.
- 3
Costs
Confirm this flat's council tax band, and get utility and cleaning quotes for a two-bed.
- 4
The agreement
A solicitor reviews the company-let agreement: term, break clause, permitted use and deposit.
- 5
Your decision
We re-run the deal calculator on the confirmed figures before any commitment.
What breaks, and what it costs.
Landlord and building consent
No written landlord consent has yet been obtained for a company let operating as serviced accommodation. Any required building or freeholder approval must also be confirmed. The opportunity cannot proceed on the proposed basis until the necessary permissions are secured.
Occupancy risk
At 70% occupancy, the model generates £985 monthly profit. At the cited Salford city-wide occupancy figure of 36.4%, it generates a £149 monthly loss.
Because the city-wide figure is not directly comparable, it should be treated as a market reference and downside sensitivity, not a forecast for this property.
The nightly rate
£150 a night is modelled, not evidenced. At £127.50 (−15%) the profit falls to £584 a month and breakeven rises to 49.2%. At Airbtics' £101 Salford average it falls to about £111 a month.
Costs set for a one-bed
The £75 changeover, £1,190 set-up and £55 utilities were set for one-bed units. A two-bed costs more to clean and equip, and short stays use more power. Every extra £100 a month in costs comes straight off the £985.
Rules and tax
Serviced use may move the flat from council tax to business rates. How a rent-to-rent company let sits under the Renters' Rights Act rules in force since 1 May 2026 has not been checked. All profit figures are before tax.
What you can lose
Nothing is owned, so the downside is the £6,390 spent going in, plus the rent committed for the length of the lease.
What we hold, and what it shows.
Items marked Coming soon follow the landlord's answer and the due diligence. They'll appear here, on this same link.
- Asking rent £1,000 and deposit £1,153. Agent-stated: Northwood Quay Property, Rightmove 93242274, read 15 October 2026. Not agreed for a company let.
- Salford occupancy 36.4%. AirROI, August 2025 to July 2026. Wider market context only, not a forecast for this flat.
- Salford average nightly rate £101. Airbtics. Market context, not a rate this flat has achieved.
- Draft investor pack, deal calculator and listing photos. They show the model and the flat. None of them proves future bookings.
What we do not have yet.
- Landlord consent: written permission for a company let with serviced use.
- Building permissions: the head lease's and the building's short-let terms.
- Address and council tax: confirmation of the full address and this flat's council tax band.
- Booking comparables: two-bed nightly rates and occupancy nearby, over the last twelve months.
- Running costs: two-bed cleaning, utility and set-up quotes, and whether business rates apply.
- The agreement: signed company-let terms and a solicitor's review.