Work on a £26 million apartment complex in Salford will start this week with the demolition of old semi-industrial buildings on the site in Liverpool Street.
Part of an ambitious regeneration initiative in the area of Middlewood Locks, the development will provide 127 high-quality modern homes for private rent.
Property development specialist, High Street Residential – one of The High Street Group of Companies – has acquired the site and Salford City Council has approved planning proposals for the nine storey construction.
It will take about a month to demolish the former decorating centre and adjacent tyre depot, paving the way for the construction of the apartments. This is expected to take around two years.
The Middlewood Plaza apartments will use smart technology to support modern lifestyles and future proof these contemporary living spaces. Phone apps will ensure secure access, communication with management and neighbours, advise of deliveries and even control household appliances.
There will also be communal relaxation and leisure facilities, where people can meet, form friendships and build new communities.
Gary Forrest, Chairman of Newcastle based The High Street Group of Companies, commented: “Almost 19% of the UK population is renting privately and this figure is expected to grow significantly. This style of living is becoming the choice of young professionals and in response, we are creating high quality living spaces, to meet the demand.
“Our developments offer extremely attractive investment opportunities for institutional and individual investors who can enjoy yields and capital growth in excess of seven per cent per annum. These are none volatile, high quality assets offering attractive, long term returns, which we can maximise for our partners.”
Other planned High Street Group projects in the region include Cheshire Junction in Warrington – a £46 million eight storey, 362 unit development and a £22 million, ten storey, 156 unit complex in Trafford.
The Greater Manchester initiatives are among seven PRS projects either under construction or planned by The High Street Group. These schemes – totalling 1,666 homes – represent a total gross development value (GDV) of around £600 million. And with several other proposals in the UK’s major cities already at advanced stages of discussion, the group’s PRS portfolio looks set to go beyond £1 billion.
The Salford scheme will be the third to commence. The first is in Milton Keynes, where a £30 million investment is creating 139 apartments. Grainger plc, the UK’s largest listed residential landlord has unconditionally agreed to forward fund and acquire this development.
The second is in Newcastle, where the £46 million, 26 storey Hadrian’s Tower will become the city’s tallest building and provide 162 apartments.
Meanwhile the group recently secured agreement to develop a project in Birmingham City Centre – in partnership with Taylor Grange Developments – and another in the Digbeth area of the second city’s improving southern gateway.
With its headquarters in Cuthbert House, Newcastle, The High Street Group of Companies was established by Gary Forrest in 2006. It has grown to become a leading financial and property group employing over 100 people in activities including large scale property development and construction, hospitality and leisure.
