Muse pre-sells One Smithfield Square

DEVELOPER Muse has forward sold all 77 apartments at its One Smithfield Square scheme in Manchester.  
 
The Northern Quarter flats have been bought by Oxford-based property investor GRE Assets.

The value of the deal was not disclosed.
 
Wes Erlam, senior development surveyor at Muse said: “This is great news for the scheme and for Manchester. It’s a sign that the Manchester market is now recovering and proving an attractive option for investors.
 
“All of the homes at Smithfield are now sold a year before completion — a fantastic result for Muse, our development partner Manchester City Council, and funding partner the Homes and Communities Agency (HCA).

“We still have 6,000 sq ft of ground floor commercial space available and look forward to complementing the scheme with a selection of retail and restaurant options.”
 
Andrew Lock, development director at GRE Assets, added: “We’re delighted to have completed the purchase of One Smithfield Square. This represents our first investment in Manchester, a city we firmly believe contains all the ingredients we’re looking for – a strong economy, excellent transport links and world class university.”

One Smithfield Square is due to be completed in October 2014 and is being delivered by Ician Developments, a wholly-owned subsidiary of Muse Developments, in partnership with Manchester City Council.

The Homes and Communities Agency (HCA) has invested £6.5m towards the scheme, as part of the Get Britain Building fund for stalled projects.