Developers collaborate in acquisition of £45m residential scheme

Liverpool-based developers, Nexus Residential and Legacie, have acquired a new residential and commercial scheme in Salford with a gross development value of £45m.

‘West One’, which is in close proximity to Salford Quays, has planning permission for 140, one-, two- and three-bedroom apartments, as well as a five-storey office block. The site has been acquired from a Hong Kong based consortium for an undisclosed amount.

Ideally located in an area primed for regeneration, West One is just one km away from 9,000 key workers based in the Royal Salford Hospital.

They will benefit from these new homes so close to their place of work.

It is hoped the new office block will kick-start further job creation in the area and is conveniently located close to local transport networks, and will have private car parking onsite.

The project forms part of the successful joint venture partnership between Nexus and Legacie, which will also be the main contractor constructing the project.

Liverpool-based international sales agent, RWinvest, will be the exclusive sales partner marketing the properties.

Nexus Residential Director, Michael, Gledhill, said: “We have had great experience so far developing in Salford, with Merchant’s Wharf recently completed and Embankment Exchange due to complete by the end of 2024. Nexus Residential and Legacie were keen to continue their work in the area, hence the acquisition of this development plot.

“Construction is scheduled to start in 2025, with completion projected for 2027. We are really keen to get going and to continue to make a real impact in Salford.”

Legacie CEO, John Morley, said: “We are excited to be working in Salford again and the acquisition of West One follows our positive experience of working with the local planning authority. There is a huge demand for quality residential and commercial space in the area and we look forward to being on site.”