One Cross Street, Beech, c PNW

The scheme completed in 2021 and is fully let. Credit: PNW

Beech wants £9m for Salford apartment block 

One Cross Street, which boasts 34 apartments on the edge of Manchester city centre, has been put up for sale. 

Beech Holdings, which developed the build-to-rent scheme in 2021, has appointed Lambert Smith Hampton to market the building. Offers in excess of £9m are being sought. 

A sale at the asking price would reflect a net initial yield of 6.8%, allowing for purchaser’s costs of 2.8%, according to marketing materials. 

Beech’s building features a steel frame behind a retained brick facade as well as a two-storey glazed rooftop extension. It comprises five studios, 25 two-bedroom flats, a trio of three-bed apartments, and a single four-bed property. 

Since completion, rents within the building have risen by almost 10%, resulting in a net income of £630,870 a year, according to LSH. 

“This has been an incredibly successful development for us,” said Stephen Beech, chief executive at Beech Holdings.

“The scheme was fully let from the start and has been at 100% occupancy since we completed. The development is a strong, stabilised investment, and would make an excellent addition to someone’s portfolio.”

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BS the scheme stopped 3 times as lack of funding and now he’s forced to sell. Ie. Bust. Besides the cladding for the site is shambolic!

By Anonymous

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