Elliot The Residence
The Residence stalled in 2020. Credit: Place North West

Legacie relaunches stalled Salford tower 

Dan Whelan

Construction of the 300-apartment Embankment Exchange, previously being delivered by Elliot Group as The Residence, is due to restart early next year. 

Legacie Developments acquired the stalled Greengate project out of administration last month, as revealed by Place North West. 

At the same time, the developer also bought Infinity in Liverpool, another stalled Elliot scheme. 

Sales agent RWinvest has now launched the former Residence for sale under its new name. Around 50% of the apartments have already been sold, according to RWinvest’s website. 

The scheme comprises one- and two-bedroom apartments. The one-bedroom flats are available from £175,950 and the two-bedroom apartments are £276,950. 

RWinvest claims that buyers will see a 6% return on their investment. One-bedroom properties will make investors £10,500 a year while those who buy two-bedroom properties will get £16,600 annually, according to RWinvest. 

A spa, gym, residents lounge and bar, work from home booths and a 24-hour concierge are among the features of the development. 

The sales website for Embankment Exchange describes the Greengate area as “Manchester’s answer to Brooklyn”. Other schemes in the area include Renaker’s 55-storey Colliers Yard and Salboy’s Fifty5ive. 

RWinvest also extolls the development’s sustainability credentials. It features solar panels, leak detection systems and heat recycling technology.

“When you invest in Embankment Exchange you are also investing in the future of the planet,” the website says.

A spokesperson for Legacie said: “We now have a new vision to create a quality residential development, the exact details of which will be announced in due course.  

“It is also our intention to start work in the first quarter of 2022 and we are incredibly excited to be developing in Manchester again”. 

The position of investors in the previous iteration of the scheme is unclear. When asked by Place the spokesperson said it would be “inappropriate to comment on the previous business or those involved with the original scheme.” 

The investors had been lined up to acquire the site out of administration but their bid was bettered by Legacie’s undisclosed cash offer in August. 

Residence investors are expected to receive a dividend as a result of the Legacie deal but will not get back their deposits in full, according to administrator David Rubin.

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