(Project Under Development Through a Forward Funding Scheme)
- Property Details
Property Details [ – ]
|Number of Apartment Units||352|
|Amenities and Other Common Areas||Internal and external common amenity spaces which may include a gym, a cinema, resident lounge areas, a roof terrace and ground floor retail spaces (subject to design and changes)
Approximately 350 bicycle storage
|Car park facilities||20 car park lots|
|Total area||~236,900 sq ft|
|Purchase price at 31 August 2021||£73.3 million (S$136.0 million (1))|
|Valuation (2) as at 27 August 2021||£76.1 million (S$141.3 million(1))|
- (1)Based on an assumed exchange rate of £1.00 = S$1.857.
- (2)Valued by Savills (UK) Limited on a forward-funding basis as at 27 August 2021, using the capitalisation method for the residential and car park components and the direct comparison method for the retail component.
Piccadilly East, Manchester
~236,900 sq ft
The Castings is a freehold 352-unit residential build-to-rent property located in Piccadilly East, a developing neighbourhood situated close to the Manchester Piccadilly Station and the tram stop. The site is located within 2 kilometres from the Manchester CBD and boasts convenient accessibility, being within a 9-minute walk to Manchester Piccadilly Station, the main train station in Manchester which has direct access to the airport and links Manchester to London and other major cities across the UK. The Manchester Piccadilly Station is served by the local Manchester Metrolink and bus lines, offering ease of travel to Spinningfields (a 6-minute tram ride), the biggest commercial district in the city, Manchester Arndale shopping centre (a 5-minute tram ride) and the Old Trafford football stadium (a 14-minute tram ride).
The Castings will have a total residential floor area of approximately 219,600 sq ft, comprising a mix of studios, one, two and three bedroom units. The Castings will also comprise internal and external common amenity spaces, which may include a gym, a cinema, resident lounge areas, a roof terrace and ground floor retail spaces (subject to design and changes), spanning approximately 17,300 sq ft. In addition, there will also be 20 car parking spaces and approximately 350 bicycle storage spaces.
Practical completion is expected to be in 2024, subject to extensions permitted under the development funding agreement.