A pair of residential developments in Manchester and Liverpool have been bought by a London-based property group seeking to expand its private rented sector (PRS) portfolio for almost £35m.
Delph Property Group has acquired a scheme in Manchester’s Green Quarter, which has full planning consent for 146 apartments, ground-floor commercial space and a communal garden, from Fortis Developments for £25m. Construction is expected to start this summer and it is expected that the 15-storey building will be complete and handed over to Delph in early 2018.
In addition, the group has purchased the six-storey Orleans House from Bruntwood in Liverpool, which has full planning permission for 71 apartments, for £9.6m. City Residential advised on the sale.
Gareth Morgan, director of Fortis, said: “The funding model that Delph provides, offers an attractive alternative to traditional bank finance.”
Howard Crocker, managing director of Delph Property Group, said: “These acquisitions, which are located in two of the great cities at the heart of the Northern Powerhouse revolution, will make a great addition to our ever expanding portfolio.
“City centre apartments are increasingly attractive to young professionals and there is a growing demand for good-quality, high-specification rental properties of the type we will be providing at these exciting developments.”
Pictured: CGI of the proposed Manchester scheme looking north along Cheetham Hill Road