LaSalle buys Greengate for £110m

A COMPLEX of 497 rental apartments in Salford’s Greengate scheme has been bought for £110m by LaSalle Investment Management from developer Renaker Build.

The development in the historic heart of Salford, close to Manchester city centre, is designed by OMI Architects and comprises high specification apartments split across two residential towers of 21 and 31 storeys.

The homes range in size from one to three bedrooms with most offering either a balcony or terrace and are set in a landscaped communal courtyard. Designed to create a ‘boutique hotel’ feel for future residents, the development provides a high standard of amenities including a resident’s lounge, gym and concierge service.

Greengate is within two minutes’ walk of Deansgate, Harvey Nichols and Selfridges. Manchester Victoria Station, which is currently undergoing a major transformation, is a five minute walk away via a bridge over the River Irwell.

The first phase, which consists of 229 apartments, is now complete and available for private rent through property agents JLL. The second block of 268 units will follow in December 2016.

The sale of the scheme, delivered with the support of funding from the Homes & Communities Agency, marks the most significant UK institutional investment into Manchester’s PRS sector to date.

Tom Henry, ‎ ‎residential transactions director, LaSalle Investment Management, said: “There is a systemic undersupply of homes in and around Manchester city centre, as the development pipeline was effectively turned off in 2007. With very few new build completions since then, there is now a dearth of high quality rental apartments with population forecasts predicting an influx of people that equates to an additional requirement of up to 3,000 homes per year. Accordingly, we anticipate strong demand for the apartments.”

Andy Finch, Head of Sales, Renaker Build, said: “Naturally we are delighted to have concluded the sale, which demonstrates the clear strength of the city centre market, the quality of our product and service, and the commitment to Manchester that major institutional investors are prepared to make.

“Greengate sets new standards of quality for city centre living and will offer a service level and management platform that will ensure that it remains a high-quality and sought after development for many years to come”.

LaSalle was advised by JLL.