Prime land in Salford is on the market for £12.5m
Land in Salford which has been earmarked for development has gone on sale for £12.5m.
Property consultant Lambert Smith Hampton has been appointed to manage the sale of a 2.1 acre city centre site with detailed planning consent for 525 residential units.
Seeking offers in excess of £12.5million, the site on Regent Road – at the junction with Oldfield Road – offers a rare opportunity to purchase a substantial freehold development site in close proximity to Manchester city centre.
Ian Scott, the head of Build to Rent (BTR) for Lambert Smith Hampton’s northern region said: “The Manchester residential market is buoyant with an ongoing lack of supply for institutional investors, buy to let investors and the domestic market.
“This site provides the opportunity for phasing and exploring a number of exit routes, block by block.
“The local area has changed beyond recognition over the last five years with Middlewood Locks well underway, Wilburn Basin and One Regent completed, and a number of new sites coming forward on the Chapel Street regeneration corridor.
“This area is set to become one of the most established and populated residential hubs within Manchester and the Salford border is a clear hot-spot for this new growth.”
The planning consent is for 525 units comprising 126 one-bedroom apartments, 176 two-bedroom apartments, 186 three-bedroom apartments and 37 three-bedroom townhouses.
Ian Scott added: “Market data over the last 12 months has suggested large levels of demand for town-houses in close proximity to Manchester city centre and equally high levels of demand for three bed apartments within the young professional rental market.
“We expect this plot to attract significant interest from the investor market.”
LSH has been instructed to manage the sale on behalf of Leo Property Group, a Liverpool-based property developer and investor, managed by Samuel Beilin and Partners.
The proposed scheme was designed by architects Fletcher Rae and includes amenities including a gym, concierge, reception, lounge, coffee shop and cycle storage. The proposals also include a large central courtyard area and 151 parking spaces.
