Manchester and the PRS
Manchester is a city that’s constantly growing (and we don’t just mean the skyscrapers). As the UK’s favourite second city and the trendiest, there’s no shortage of those wanting to live here. And who can blame them? The vibrant lifestyle, the buzz and the general atmosphere is something that just cannot be replicated elsewhere.
With an ever-growing population, new residential developments are springing up left, right and centre. Obviously we have our finger on the pulse and are watching these exciting new projects with great interest. 2016 is proving to be a corker for the property market.
Many new developments in our city are proposed PRS (Private Rented Sector) schemes, otherwise known as Build to Rent. This sector is believed to account for nearly 17% of all households and as there appears to be a trend with young professionals choosing to rent in the city rather than own, these developments allow for affordable city living.
Our spies have been having a little snoop around the city centre and beyond, here’s a list of just some of the new PRS developments that are on the horizon –
What?: 274 one, two and three bedroom apartments
Where?: New Cross, Northern Quarter
Who?: Balfour Beatty
Because if anywhere needs more new housing, it’s the Northern Quarter! Created as a build-to-rent scheme, this development is due to be designed by contemporary architects Hodders+Partners with construction to start later in 2016. Exciting!
What?: 135 units over 15 storeys, providing a total of 225 new homes
Where?: New Bailey, Salford
Who?: English Cities Fund (ECf)
With a £650 million(!) regeneration scheme currently underway, Salford certainly is the place to be at the moment. Directly adjacent from the existing New Bailey site, these new homes are set to give stunning riverside views and will no doubt get snapped up when they do eventually hit the rental market.
What?: 604 serviced apartments and 22 penthouses
Where?: Former BBC site, Oxford Road
Who?: Bruntwood and Select Property
Re-named as “Circle Square”, the redevelopment of this old site will see a mixture of residential apartments, office blocks and public space under construction. The first phase is already well under-way and development is said to be costing a hefty £750 million with more than 1.1m sq. ft. being built. These guys mean business when it comes to property!
What?: 614 units over 5 blocks
Where?: Clippers Quay
Who?: Amstone Ventures
Back in the day, this site was an old multiplex cinema – now, it’s going to be one of the biggest PRS schemes outside of London at a whopping 17,000 sq. ft. Spread across five blocks including a range of amenities, this is set to be one pretty impressive development.
We’ll continue to keep our eyes on the Manchester market so keep checking our latest news for more updates. If you’re after a savvy agent, give us a call to see how we can help you. Whether it’s buying, selling, renting or letting, chat to our team today on 0161 637 8336.