(Residential Build-to-Rent 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|
|Gross Internal Area||~28,455 sq m|
|Purchase price at 31 August 2021 under a forward-funding arrangement||£73.3 million|
|Valuation on a forward-funding basis (1) as at 27 August 2021||£76.1 million|
|Valuation (2) as at 31 December 2021||£15.2 million (on the portion developed to-date)|
- (1)The property was 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.
- (2)The independent valuation was based on the value of the construction-to-date, which considered the expenditure incurred from 31 August 2021 to 31 December 2021. The carrying amount of investment property under development was based on independent valuation as at 31 December 2021.
Piccadilly East, Manchester
~28,455 sq m
Gross Internal Area
The residential BTR property is currently under development under a forward-funding arrangement announced on 31 August 2021. On completion of the development, there will be 352 residential apartment units comprising a mix of studios, one, two and three bedroom units, with a total residential net internal area of approximately 20,400 sq m. The property 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). In addition, there will also be 20 car parking spaces and approximately 350 bicycle storage spaces.
The property is located in Piccadilly East, a rapidly emerging mixed-use neighbourhood focused on providing a high quality public realm, vibrant ground floor activity and some of the best connectivity, working and living environments in the city. In addition, the residential BTR site is minutes from Ancoats, The Northern Quarter and New Islington, highly popular districts within Manchester city centre.
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).