Craigleith Property Group has negotiated the £20m purchase of the bulk of apartments at The Loom, a scheme in Ancoats currently under construction by developer Artisan Investment Group.
Working on behalf of one of its investment funds, Craigleith secured 89 of the 101 units, which will be available for open market rent, while Artisan will retain the remainder.
The Loom is being built by Russells Construction on behalf of Artisan, and is next to the converted Vulcan Mill on Pollard Street.
Geoff Willis, Craigleith director, said: “We always aim to seek out exceptional off-market opportunities for our clients and because of our company structure we are able to make decisions and act quickly.
“The Loom ticks all the boxes for use – an established developer, excellent location, just 100 yards from a Metrolink stop and ten minutes walk from the city centre, and a high-quality product perfect for young professionals.
“It is good to see work progressing on schedule here and we are actively looking for more opportunities in Manchester, Liverpool, Leeds and Birmingham.”
Moya Ball, managing director of Artisan, said: “The Loom is the final piece of the jigsaw at Vulcan Mill and this investment shows confidence not just in the quality of the new homes we are building but the location and continued economic growth of Manchester.
“We are on site and on track for the building to complete in Q1 2019.”