Tenants snap up flats in Manchester’s latest skyscraper
Half of the apartments in Manchester’s latest tower block have been let in just three months.
Rent for the flats in the West Tower of the Deansgate Square scheme start at £1,095 a month.
But the cost is not putting off potential tenants with more than half of the 44-storey, 201m high tower’s 350 apartments now reserved.
The Deansgate Square scheme is one of the biggest in the city and includes Manchester’s tallest tower.
The flats were made available towards the end of May and all 72 one-bedroom apartments are now taken.
Property management specialist Urbanbubble say uptake is further evidence of the ongoing strength of the Manchester Build to Rent (BtR) market.
Many of the 234 two-bedroom apartments and 40 three-bedroom apartments have also been reserved. In addition, there are four penthouses, two of which are taken.
One-bedroom apartments average 560sq ft, two-bedroom properties average 940sq ft and three-bedroom apartments average 1200sq ft.
Rents, which start at £1,095 per month for a one-bedroom apartment, include access to a huge sports hall, tennis court, full length swimming pool, sauna, cinema, rooftop garden and bar, and business centre due for completion in May of next year.
Michael Howard, founder and managing director of Urbanbubble, said: “We’re genuinely thrilled by the rental market’s fantastic response to the West Tower offer.
“Manchester is changing fast, attracting new economy businesses and new people to work in them.
“The outstanding demand for apartments reflects the prestigious offering of West Tower not only with its prime location, but its larger than average living spaces, excellent amenities and most importantly the dedication and passion of our on-site team.
“Unique research by our in-house data division UrbInfo shows Manchester has a stronger pipeline of residential towers than Paris and Berlin combined, with the wider city centre population forecast to grow by one third to 154,000 by 2022.
“Thanks to the new generation of residential schemes, we are certain that the BtR model will continue to thrive as developers and investors revolutionise the service proposition and facilities on offer for occupiers.”
Urbanbubble manages the property under its Build to Rent (BtR) partnership with institutional investor Legal & General.
Legal & General’s first BtR development at The Slate Yard, Salford has been followed by West Tower and other Legal & General BtR schemes in Bath, Bristol, Birmingham, Leeds and London.