Infinity fund buys first residential site
INFINITY Asset Management’s property fund has made its first foray into the residential property sector, with the purchase of a 2.1 acre housing site in Dukinfield.
The Manchester-based fund has secured planning permission for 21 houses on the Prospect Road site, which it bought for an undisclosed sum.
Dukinfield is the first residential investment and development project for Infinity, which last month completed the £6m purchase of 53 King Street in central Manchester, in its first joint venture with Vision Developments.
The Dukinfield development will be a mix of 14 three-bedroom houses and seven four-bedroom properties.
Jeremy Pollitt, property director at Infinity, said: “Dukinfield is an exciting project and excellent investment that marks a significant turning point for the Infinity property fund as we strengthen our portfolio in the residential market.”
He added: “Despite the current pressures on the residential market, we’re confident that the Dukinfield development will provide a unique opportunity for buyers in the Greater Manchester area who are looking for modern and high quality properties.”
