Residential Development Opportunity Computer Generated Image Land at Ordsall Lane, Salford, Manchester, M5 3EN Rare development opportunity to acquire a site with planning permission for 375 residential apartments and ground floor commercial
THE OPPORTUNITY Rare opportunity to purchase a substantial Freehold development site close to Manchester and Salford City Centres, overlooking the River Irwell Detailed planning consent for the erection of 375 residential apartments and ground floor commercial space, with the benefit of ancillary and amenity space Four interlinked blocks of varying height between five and nine storeys. The development allows for phased delivery into the Private Rented Sector or Build to Rent markets Site extends to 1.12 ha (2.77 acres) We have been instructed to invite offers in excess of 9,000,000 (Nine Million Pounds), subject to contract and exclusive of VAT Computer Generated Image
In the context of Manchester City Centre SUBJECT SITE Middlewood Locks Regent Retail Park Wilburn Basin Spinning Fields One Regent Adelphi Wharf Noma Deansgate Station Pomona Island Cornbrook Station Beetham Tower Site outline for identification purposes only.
In the context of Salford Quays Pomona Island Clippers Quay SUBJECT SITE The Soap Works Old Trafford Ordsall Hall Ordsall Park The Gateway The Dock Office Media City Site outline for identification purposes only.
LOCATION The site is located on Ordsall Lane, bound by Fairbrother Street and the River Irwell, equidistant from both Manchester City Centre and Salford Quays (0.7 miles). Both Manchester City Centre and Salford Quays are easily accessible by foot (14 minutes google maps) and public transport. The bus, which stops directly outside the site, provides direct access to Salford Quays in just 4 minutes and Manchester City Centre in 8 minutes (google maps). Following a sudden boom in the Manchester and Salford residential markets, the main thoroughfare between the two cities, Ordsall Lane, has become a hub for new development. The site sits within an already established residential area, which continues to improve as parcels of land receive planning and are developed along the bank of the River Irwell. Directly opposite the subject site, on the southern bank of the River Irwell, lies Pomona Island. The site, which extends to 22 acres, is owned by Peel Land and Property and is set to be transformed in the coming years. Plans have already been submitted to start development on part of the site by X1 Developments. These plans form part of the Masterplan to provide over 1,000 new apartments, a hotel, leisure, retail and commercial uses, transforming the area. The following map provides an insight into how the area immediately surrounding the subject is on the verge of transformation, providing a residential neighbourhood connecting Manchester City Centre with Salford Quays, in addition to the regeneration of Pomona Island: For indicative purposes only 1. 257 Ordsall Lane - planning submitted for 374 apartments 2. 240 Ordsall Lane - pre-planning application currently being drafted for residential apartments 3. 221-223 Ordsall Lane - planning submitted for 196 apartments 4. Worral Street - planning submitted for 252 apartments 5. Bridgewater Point - planning submitted for 220 apartments 6. Downtown and Bridgewater Gate - planning submitted for 421 apartments 7. Gresham Mill - planning submitted for 142 apartments 8. Pomona Island
THE SALFORD AND MANCHESTER MARKETS Salford Property prices in Salford have increased by almost 40% in the last five years (2012-2017) according to Land Registry. Research suggests that new off-plan developments are now advertising and achieving 325-350psf. The city of Salford has made the list of places to watch in 2018 (according to JLL s 2018 forecasts), and has secured 1.3 billion of private sector investment as well as 425m of public investment. MediaCityUK is in the process of expanding its site by 200%; as well as being the home to the likes of the BBC, ITV and Kellogg s, it is also complemented by more than 250 smaller media and digital businesses. Salford gained recognition for its ability to attract innovative start-ups last year and became the UK s top city for start-up growth, outranking the likes of London and Manchester. The growing population of Salford estimates a need of almost 1,300 new homes per year between now and 2028. Manchester Manchester has been tipped for another strong year in the property sector. Last year it was claimed that the population is growing almost 15 times faster than homes being built. It has been predicted that that the Manchester economy will expand by 2.7% a year, above regional and national averages (JLL). Employment growth is expected to be stronger than regional and national averages, with around 1.3% year on year for the next three years Manchester and Salford benefit from three universities with a total student population of 92,000. Manchester has an excellent graduate retention rate at around 50% which is second only to London. Based on approximately 92,000 students being in Manchester and Salford, roughly one third (30,500) will graduate each year, therefore meaning that approximately 15,000 graduates will choose to live and work in Manchester each year. This is a strong basis of evidence for potential rental growth and the level of demand. It is estimated that circa 1m is spent by students every year into the city s economy.
THE SCHEME The subject site has planning permission for a total of 375 residential apartments with a range of complementary amenity and commercial uses (see plans within dataroom). SCHEDULE OF ACCOMMODATION Number / Block Type A B C D E Total Studio 10 9 5 12 3 39 One Bed 52 7 8 27 21 115 Two Bed 34 41 24 16 35 150 Three Bed 10 16 19 16 8 69 Four Bed 2 - - - - 2 Total 108 73 56 71 67 375 The scheme has been designed with 5 main cores, each comprising one lift, four of which provide direct access from the car park at lower ground floor level to all floors. The scheme is relatively low rise in comparison to other schemes in Manchester and Salford, with each core/ building fluctuating between 5 and 9 storeys. Computer Generated Image The scheme has plans for a range of additional amenity, including: Residents Dining Room (118m2), Residents Lounge / Gym (166m2), 3 commercial units within a range of flexible use classes - A1, A3, B1, D1 & D2 uses (116m2 117m2) and a concierge office (51m2). There are also landscaped resident garden areas and access to views of the River Irwell. The lower ground floor comprises a total of 95 car parking spaces, 10 electricity charging points and 100 bicycle storage spaces. PLANNING PERMISSION Detailed Planning Consent has been granted under reference number 17/69327/FUL. Details of the permission and additional relevant documentation can be found within the data room or the Salford City Council Planning Portal. Computer Generated Image
TENURE The site is held Freehold. VAT The site is elected for VAT. ADDITIONAL INFORMATION All information is available to view and download at: www.ordsalllanesalford.com. ASKING PRICE Allsop are instructed to seek unconditional offers in excess of 9,000,000 (Nine Million Pounds) subject to contract and exclusive of VAT. CONTACTS For further information please contact: James Wilson 0113 236 6679 james.wilson@allsop.co.uk James Mohammed 0113 243 7955 james.mohammed@allsop.co.uk 8th Floor, The Platform, New Station Street, Leeds, LS1 4JB Tel: 0113 236 6677 Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. www.allsop.co.uk