Tower blocks to transform rental market

THREE renovated apartments blocks in Manchester’s Ancoats and New Islington will be the latest addition to the private rental sector next month.

The 12-storey blocks – formerly known as Chippenham, Salford and Rodney Court – have been empty for more than 15 years but are soon to be launched collectively as Tribe, offering 192 professionally block-owned and managed one and two-bedroom apartments.

The development has been facilitated in part by a £7.9m Build To Rent loan from the Homes and Communities Agency (HCA) – the first to be awarded in the UK.

Build to Rent offers finance for private rent schemes which meet the need for good quality, large-scale developments in the private rent sector. The remaining funds were secured through institutional investments managed by Cabot Square Capital.

The unique rent offering has been made possible thanks to a collaboration between Manchester City Council, Tribe Apartments and Rowlinson Constructions, which has provided a means of redeveloping the towers after previous attempts to do so had stalled. Manchester-based architects, Pozzoni, has led on design.

Nigel Rawlings of Tribe Apartments said: “Our aim is to elevate and set the bar in the private rent market in Manchester. Renting in many other European cities and US cities is a positive, desirable lifestyle choice, because for years the service offering has been top-notch.

“Tribe customers will enjoy high quality homes, offering as standard many desirable high-end design features which you’d normally associate with much pricier, luxury apartments. Our aim is to deliver a friendly, hassle-free and reliable service, which makes life easier for our customers.”

Keith Maddin, of Cabot Square Capital said: “We’re delighted to be involved in what is a first of its kind Build To Rent residential project in Manchester.

“Tribe is an important part of the wider regeneration of the whole area, which will help create better communities, jobs and greater affluence for local people.
 
“We believe this model will provide a blueprint for the future of private renting in the UK.”   

Marie Hodgson, head of area for Greater Manchester at the HCA, said: “The burgeoning city fringe has become one of the most exciting and fastest growing areas of Manchester in recent years, and is a key location in the context of the HCA and Manchester City Council’s Manchester Place initiative.

“The transformation of the Tribe buildings marks the next major step for the area’s residential growth, providing workers, young families and graduates, among others, a vibrant, affordable place to rent on the doorstep of the city centre.”

Tribe’s apartments stand amidst an area which has undergone dramatic transformational change, thanks to millions of pounds of public and private investment, including the building of hundreds of new homes, a health centre, free school and New Islington Marina.

Millions more has been pledged during the next decade to realise the ambitious regeneration master plan.

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