DTZ Investors has provided Mulbury with funding for a £30m private rented sector (PRS) apartment scheme in Ancoats, Manchester.
The development of 143 apartments, which gained planning consent in January 2017, will be built on the corner of Blossom Street and Great Ancoats Street. It marks DTZ Investors’ first investment in the North West build-to-rent market.
Designed by Tim Groom Architects, the scheme will see the construction of two separate buildings, one eight-storeys and one seven-storeys, providing a mix of one, two and three-bedroom apartments, as well as three townhouses.
The scheme will include communal resident amenity space, concierge services and around 200 square metres of commercial space.
James Alderson, head of Mulbury City, the company’s city centre residential division, said: “This is our second forward-funded PRS deal in Manchester in the last 12-months and shows the continued demand for PRS living in the city and appetite from investors.
“We are incredibly proud to have secured the backing of DTZ who really bought into our vision for the site. We aim to be on site by the end of July.”
Mulbury’s scheme at Blossom Street was brought forward after consultation with Manchester City Council, Historic England and Places Matter to ensure the development is in context with the Ancoats conservation area.
All apartments within the scheme will have floor-to-floor glazing to allow uninterrupted natural light into all rooms. Completion is scheduled for May 2019.
James Flynn from the Manchester office of international law firm Fieldfisher and Simon Baxter of national law firm Primas Law have advised Mulbury on its deal with DTZ.