Amstone Developments has agreed a deal with housing association One Manchester for the latter to acquire 96 homes on a site on Stockport Road in Manchester once complete, and main contractor Rowlinson is preparing to start work on site.
Under the deal, One Manchester has taken ownership of the site and entered into a construction agreement with Rowlinson. The value of the deal was not disclosed.
Amstone director Adnan Sidiqi said the partnership with One Manchester was similar to the one struck with landlord Grainger at the £100m Clippers Quay, Amstone’s 614-apartment build-to-rent development at Salford Quays that completed in 2019.
The Stockport Road project, which is being built on the site of a former spice factory, comprises 89 apartments and seven townhouses. The factory has now been demolished, paving the way for the 18-month build programme to begin.
The development was designed by architect Leach Rhodes Walker.
Amstone bought the site from North Yorkshire developer Castlevale last year for an undisclosed sum.
Adnan Sidiqi, director and founder of Amstone Developments, said: “Signing One Manchester to own and manage the homes and jointly shoulder the development and construction risk, means that we move towards completion with confidence and they are presented with a hassle-free, high quality product upon completion.”
Judy Noah, interim development director at One Manchester, added: “Our commitment to affordable, high-quality homes is demonstrated here, and we’ll be creating a mix of build-to-rent, shared ownership and affordable rented homes.”