RENTAL SCHEME TO BE BUILT IN SALFORD
Building includes 90 one, two and three bedroom apartments and is part of New Bailey
A DEVELOPMENT of 90 homes is the latest addition to the £650million regeneration of Salford Central.
Almost 100 apartments and townhouses have already been built on the site of the original Vimto factory, as have a 660space multi-storey car park and a 143-bed Premier Inn hotel nearby.
With planning for 36 townhouses with rooftop gardens recently granted in the historic heart of Salford, New Bailey – as the Salford regeneration scheme is known – will soon have another addition.
The £16m block, which includes a mix of one, two and three bedroom apartments, will be based 200 metres from Salford Central station and will overlook the River Irwell.
Bosses behind it say it will be the first custom built PRS scheme to be delivered in Greater Manchester.
Legal & General Capital (LGC) will fund the project which has been designed by English Cities Fund (ECf ), a joint venture between Muse Developments, the Homes and Communities Agency and Legal & General Property.
The building is set to be completed in 18 months.
Phil Mayall, development director at ECf, said: “With its convenient location and close proximity to city centre amenities, including the bars and restaurants of Spinningfields a short walk over the bridge, it makes perfect sense to include a resi- dential element within New Bailey and we think a PRS offering here will be a good fit.
“As more businesses and people are undoubtedly attracted to the area, it will become even more desirable as a place to live, work and visit.”
With an appetite to invest up to £1bn in the sector over the long term, the deal represents LGC’s second PRS investment, having recently acquired a regeneration site in Walthamstow, London, with planning for more than 300 flats.
Laura Mason, director of Direct Investments at Legal & General Capi- tal, said it will seek to partner with like-minded international capital, in order to grow a significant, UK-wide portfolio of good quality, fairly priced, well located schemes in key cities.
She added: “The renaissance of Salford is one of the best success stories in UK urban regeneration. Situated in a waterside location, within walking distance of Manchester Piccadilly and 200m from Salford Central, we have the ability to provide a new class of rental accommodation, based off fair value rents but with a higher quality offer, and greater tenant service and flexibility.”
New Bailey and Chapel Street – or the £650m regeneration of Salford Central – covers the equivalent of 21 football pitches and includes luxury residential apartments, a multi-storey car park and a hotel.
There will also be a mix of cafes, bars and restaurants, as well as enhanced public realm in the form of a new public square, extensive landscaping and an outdoor events space.
One New Bailey, a 125,000 sq ft office development, is currently under construction and is due to be complete in May next year.