Fred Done nears 1,000 apartments under construction
The billionaire bookmaker’s property companies are on site delivering around 1,000 apartments and houses in Greater Manchester with more expected to enter the planning pipeline in the coming months.
The large surface car park next to Afflecks in Manchester’s Northern Quarter ceased trading this week to make way for Citu, a 183-unit project designed by IDP Architects.
This is the third major city centre scheme in Manchester and Salford by Fred Done and his joint venture partners. In Salford, Trinity is on site with 380 units on the corner of Blackfriars Road and Trinity Road. Also in Salford, Crescent is underway delivering 399 units on the site of the former Black Horse pub, which has been demolished. The architect on both Salford schemes is 5plus.
In Astley Point, Wigan, Done is replacing a former nightclub with 14 houses and 14 flats, taking the tally in Greater Manchester to 990 units under construction. At a conservative estimate of £200,000 for an average sales price for each unit the total gross development value for his units under construction would be around £200m.
Agents said Done is eyeing further sites and is expected to bring plans forward for further residential development although no details have emerged.
Done has received public finance including a Greater Manchester Housing Fund loan of £22.5m from the Greater Manchester Combined Authority to pay for construction of Trinity.
The Northern Quarter site being prepared this week for Citu includes the Tib Street Horn sculpture, which according to a report accompanying the planning application, has been gifted to the city and will be put into storage until an alternative use is found.
Euan Kellie Property Solutions advises Fred Done and his related companies on planning.
Artist’s impression of Citu
£22.5 million from public Money for a mutli-millionaire? Shameful.
By D Hulse
A clue is in the word ‘loan’ D Hulse. Meaning, they have to pay it back. If it kick starts projects on vacant eyesore sites such as Church Street, then I’m all for it
By David
Absolutely and to build flats,which look like the Home Bargains in Oldham.
By Elephant
David, you not think the project could raise the funds needed traditionally without reliance on the CA?
By Vimto
The whole purpose of the fund is to provide finance for schemes that would otherwise be undeliverable as they can’t be financed privately. Or to put it another way, if they could raise 100% private finance there would be no need for the loan fund.
There are significant public benefits in seeing these sites developed and the overall supply of housing increased.
By Obviously
Yes Obviously, that is how it is supposed to work…
By Dale