Mulbury plots £250m Manchester PRS pipeline
The residential developer is aiming to build 1,200 private rented sector homes in the centre of Manchester over the next three years, on sites in the Northern Quarter, Ancoats and New Cross.
Mulbury is due to start on site with its first Manchester PRS scheme next month, a £30m project at Port Street on the edge of the Northern Quarter. The eight to 14-storey development, designed by Tim Groom Architects, will provide 134 homes, ranging from 400 sq ft studios to 900 sq ft three-bedroom apartments.
Mulbury is also at an advanced stage of planning for a second scheme nearby in Ancoats.
It is also said that it is looking at a number of other sites in the Northern Quarter, Ancoats and New Cross areas of the city over the next three years. The current PRS pipeline is worth £250m in property value and represents £150m of construction contracts.
The schemes will be built under the developer’s recently launched Mulbury City division which specialises in PRS and other investor-backed city centre development opportunities.
Lymm-based Mulbury has opened an office at 3 Piccadilly Place in the city centre to lead its PRS plans.
James Alderson, head of Mulbury City, said: “We’re currently in positive discussions with an institutional investor for our PRS scheme at Port Street and work begins at that site next month. We’re very close to submitting a planning application for a site in Ancoats and several other site acquisitions are progressing well.
“We’re helping to meet a range of housing needs across the region and city centre PRS housing is one of those solutions. The demand for the homes is there and so is the supply of investment funding opportunities from institutional and private investors, both at home and overseas.
“We’re speaking to potential development partners on an almost daily basis. These are exciting times for us and for Manchester.”