Dandara targets PRS for Chapel Wharf
DEVELOPER Dandara has submitted plans for 1,000 apartments off Chapel Street in Salford which it is planning to market as a private rented sector (PRS) scheme.
The Chapel Wharf site, next to the Lowry Hotel, has an existing planning permission but it never progressed because of the downturn.
Dandara said its revised proposal will create 995 one, two and three-bed homes in a collection of four 12 to 22-storey buildings set around courtyards. There will also be 375 parking spaces.
A planning statement filed with the application said Dandara was approaching the development as a PRS scheme, which means it will be funded and owned by an institutional investor seeking long-term returns from rental income. The shift from the buy-to-let model to PRS has been embraced in property circles since institutions started expressing interest in residential schemes.
The statement, prepared by commercial agent CBRE, said: “To meet the scale and demand of new homes required, the UK Government and property industry alike realise the need for purpose built PRS stock, or Build to Rent, focussed on scale and institutional owners rather than individual buy-to-let landlords.”
