Located in Manchester’s Green Quarter, the site has full planning consent for 146 residential apartments.
A 15 storey apartment building in Manchester’s Green Quarter has been sold for £25m.
The acquisition was made by London-based Delph Property Group from Fortis Developments.
Construction will start this summer and it is anticipated that the building should be complete and handed over to Delph in early 2018.
Located in Manchester’s Green Quarter, the site has full planning consent for 146 residential apartments comprising 48 one-bedroom, 95 two-bedroom and three three-bedroom apartments together with ground floor commercial space suitable for a variety of uses, as well as 53 underground parking spaces and a communal garden.
Howard Crocker, managing director of Delph Property Group, said: “This is a significant purchase for us in a city that is at the centre of the northern powerhouse.
“It adds a further 146 units to our PRS portfolio which is already the largest privately owned portfolio of its kind and underlines our position in the market. Furthermore it demonstrates our ability to work closely with regional developers who are building schemes to the highest standards.
“As ever we are actively looking to work closely with builders to purchase similar investment opportunities”
Gareth Morgan, director of Fortis adds: “The funding model that Delph provides, offers an attractive alternative to traditional bank finance. As a result we are pleased to have completed this second deal with them and we look forward to working with them again on future developments.”