McGoff buys Manchester BtR site as Mulbury interest ends
Mulbury won consent for a 237-apartment scheme on the Rochdale Road plot earlier this year but it will be McGoff bringing the project forward.
McGoff’s construction division is aiming to start building the Manchester development later this year having purchased the site from Peter Read Investments.
Mulbury, through its Portwood Developments vehicle, had won approval to redevelop the plot but is no longer involved in the project.
Mulbury, whose contracting arm Mulbury Homes collapsed earlier this year, was contacted for comment.
Designed by Jon Matthews Architects, the Rochdale Road development will feature two blocks of 13 and 11 storeys, comprising a mix of apartments and townhouses.
There will be 77 one-bedroom apartments, 149 two-bedroom properties and 11 with three bedrooms. A selection of the two- and three-bedroom units will be duplex townhouses.
With McGoff now in the driving seat, the development – located next to the Marble Arch pub – will be part of the group’s Downtown brand.
The project aims to build on the success of McGoff’s completed 374-home Downtown scheme on Woden Street in Salford.
“The site on Rochdale Road is superb. It ideally suits a sophisticated build-to-rent scheme,” said Chris McGoff, director at McGoff Group.
“We firmly believe this is the best approach for the site with Manchester continuing to see some of the best rental yields in the UK.”
He added: “Having enjoyed unprecedented success at Downtown, and following the launch of Downtown Asset Management, we have established strong working relationships with both institutions and individual landlords, and are perfectly placed to embark upon a new build-to-rent scheme in the city.”
Beyond Corporate advised McGoff on the acquisition.
James Flynn, partner at Beyond, said: “We are delighted to continue building on our expertise in the BTR sector and to be involved in another large Manchester city centre scheme.
“The site is in the perfect location for a residential development of this standard and sophistication, and it will be a welcome addition to the skyline of Manchester.”
Earlier this year, McGoff acquired an interest in Nikal’s long-awaited Altair scheme, as revealed by Place North West.