The £52m Manchester residential scheme being delivered by Beech Holdings has topped out and is likely to complete by mid-next year, the developer said.
Ancoats Gardens on Rochdale Road is to comprise 155 one-, two- and three-bedroom apartments for private rent, aimed at young professionals.
The “super-premium” PRS scheme also features a rooftop garden, co-working lounge, gym, coffee shop and other social areas. Sustainability elements including airsource heat pumps with underfloor heating combined with heat recovery systems, have also been included.
The project was originally intended to complete by this December, but Beech Holdings said final build and interiors – led by the group’s construction arm Beech Design and Build – is now expected to finish in summer 2022. Beech Design and Build was also the architect for the scheme.
Once complete, Ancoats Gardens is to be managed by Beech’s property management unit Manchester Apartments. All units are expected to be pre-let prior to completion based on current levels of demand for PRS units in the city, according to Beech.
Beech acquired the site in a land assembly deal involving three separate parties. It is the first new build project for the developer, which has previously been involved in the regeneration of underused and unloved buildings across Greater Manchester.
Last July, Beech agreed a tie-up with Saudi Arabia-based AIMS Investments under which the latter would invest in the developer to help it deliver the circa 1,000 apartments in its Manchester pipeline and expand its operations by acquiring further sites for development across the UK.
Beech says its Manchester pipeline has a gross development value of around £250m, comprising the 90-unit Academy Apartments that completed last October, and 50 apartments in a former warehouse off Princess Street, which are nearing completion. It has other, smaller assets at various stages of development including on Duke Street and Minshull Street.
Stephen Beech, chief executive of Beech Holdings, said: “Staying true to our vision, Ancoats Gardens has been developed with the tenant at the forefront of every decision.
“Our research has told us young professionals want to be part of a community, but also demand a very high standard of modern living. We’ve designed each two- and three-bed apartment so that each room is of equal size – no arguments about who gets the bigger room, something that’s often not thought about with other schemes of a similar ilk.”
He continued: “Our homes offer a level of living that nurtures social relationships and community creation…We believe that if we invest now and provide the best home for the tenant, we will ensure consistently high renewal and occupancy rates. This occupancy figure is currently running at 97% for our lettings division Manchester Apartments.”
Beech recorded an annual turnover of £30m last year, according to the company, and its portfolio is valued at £300m.