Urban Splash sells more flats to Places for People

MANCHESTER developer Urban Splash has sold a further 128 apartments to the housing association Places for People for around £20m.

The deal follows last year’s sale of 654 apartments to Places for People for £77m.

It includes properties around the city centre at developments such as the Box Works, Moho, Timber Wharf, Burton Place, Budenberg, Chips and Christabel. Urban Splash will continue to manage the properties.

Places for People chief executive David Cowans said: “We are committed to becoming very significant PRS (private rented sector) investors and this was an off-market opportunity to acquire a great portfolio from a very experienced operator which we wanted to seize.”

Urban Splash founder Tom Bloxham said: “Yields are increasing and we are making a significant number of retail sales for PfP so it has been pleasing to see their endorsement of our strategy with this additional acquisition. My thanks to my colleague Simon Gawthorpe who led on this deal on behalf of Urban Splash.”

Gorvins acted for Urban Splash and Bevan Brittan advised Places for People.