We were delighted to provide an £18.6m development facility, assisting with a 127-unit BTR scheme in Salford Quays, Manchester.
The site currently consists of two interlinked vacant office buildings, standing at 5 and 7 storeys. The redevelopment represents an opportunity to refurbish the disused office building under permitted development rights, converting it into high-quality, affordably priced residential rental accommodation in a city with an undersupply of housing.
The scheme, which was introduced to Maslow by Brotherton Real Estate will house 127-units, consisting of 1 and 2 bed apartments upon completion of the development. The development will promote the establishment of inclusive communities within the building by introducing high-quality communal spaces, which will lend itself well to the target market.
The property is located on the waterfront of the Quays, half a mile from MediaCity and is within easy reach of Manchester City Centre. The Salford Quays area has become well known as the home of digital and media talent in the Northwest and acts as a secondary business and commercial hub for Manchester, making the area an attractive location for young professionals.
Commenting on the deal completion, Sky Mapson, Deal Origination at Maslow Capital, said:
“We are delighted to be involved in the delivery of a further 127 apartments in an area where demand has outpaced supply. With working habits having materially changed as a result of the pandemic, office to residential conversions are a viable option for alleviating the housing crisis in a sustainable way, due to the level of embodied carbon that rests in the original structure that does not require demolition and re-development. It has been a pleasure working on this transaction in an area that is set to become a busy waterfront community.”