Town centre apartments acquired by operator as scheme nears completion
Livingway, the Manchester-based property company, has acquired Upperbanks, the new apartment and hotel complex in Rochdale town centre, for an undisclosed sum.
It will manage and operate the complex, valued at £60m in 2021, after a deal to buy the property from Rochdale Borough Council, with CBRE advising the council on the sale.
Livingway specialises in high quality urban lifestyle properties across the north of England.
The development comprises 242 studio, one-bed and two-bed apartments, all with balconies, housed in two nine-storey apartment blocks. It also includes a tenant amenity area and working space. The apartments, which will be available for private rent, are expected to be complete in August this year.
The wider scheme, which is being delivered by RDA on behalf of Rochdale Borough Council, also features a 146-room Hampton by Hilton Hotel, which is expected to open in the autumn.
Together, the apartments and hotel have transformed a former derelict brownfield site in the heart of Rochdale town centre and complement the wider area, which also features the Rochdale Riverside shopping and leisure complex.
Cllr Danny Meredith, cabinet member for regeneration and housing, said: “Livingway’s purchase is a reflection of the quality of the development and demonstrates the demand for high quality private rented accommodation in Rochdale town centre.
“Their offer shows that external investors see Rochdale town centre as an attractive proposition, reflecting the scale of investment undertaken by the council over the past 10 years.”
Samantha Hay, Livingway’s CEO, said: “Rochdale is a prime example of a Greater Manchester satellite town which has all of the ingredients to support a high quality build-to-rent accommodation.
“The council has done an amazing job with the overall regeneration of the town centre, including the adjoining Rochdale Riverside retail and leisure scheme, which means that the town has become an institutionally investable location. Their vision and mission with Upperbanks totally matches the Livingway model, focusing on high quality accommodation, regeneration areas, and social impact.
“The council has created the scheme alongside Willmott Dixon, whose northern managing director, Anthony Dillon, said: “Livingway’s purchase shows just what a good project this is.”
The Upperbanks scheme has attracted more than £20m of external funding, with in excess of £17m from the Government’s Future High Streets Fund and around £3m from the GMCA Brownfield Development Fund.
Rochdale town centre has undergone a £400m transformation in recent years. As well as the Rochdale Riverside development, Rochdale has benefited from a new transport interchange and Metrolink, and the opening of the River Roch.
The town’s Grade I-listed town hall will reopen later in 2023 after a multimillion-pound makeover, funded by the council and the National Lottery Heritage Fund.
