McGoff enjoys off-plan sales boost from weak pound

The developer said it has raised £35m in reservations from the forward sale of 200 apartments, around 55% of the total at its Downtown development fronting the River Irwell on the Salford side of Castlefield.

One hundred and sixty flats were sold overseas, with events in Asia and the Middle East, in the first phase release. In the second phase, earlier this month the company hosted a launch event in Manchester to release a select number of river-facing apartments. These apartments were all sold on the night.

The development will contain a total of 368 one, two and three bedroom apartments, and feature “hotel-style services, such as concierge in the lobby, gymnasium, spa, media room, business centre plus postal and storage rooms.” McGoff said the development was designed “to exceed expectations as well as enhance the lives of its residents, Downtown will be Manchester’s most exclusive riverside residence.”

Chris McGoff, director at the McGoff Group, based in Altrincham, explained that the weak pound made the investment more attractive to overseas buyers and had “significantly de-risked the development.”

The final apartments at Downtown have been released, prices ranging from £150,000 to £300,000. The completion of sales is expected in the second quarter of 2017.

McGoff Group works with Alliance Investments, part of Property Alliance Group, on sales.

Full construction works are due to commence in February 2017.

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