McGoff sells Downtown Salford to Aviva
The investor has bought the freehold of the developer’s £85m residential scheme on Woden Street.
The exact value of the deal between McGoff Group and Aviva was not disclosed but will see the latter collect annual ground rents to support its future investment and pension plans, while the developer will continue to manage the property and provide a letting service to tenants.
Beyond Corporate Law advised McGoff on the legalities of the transaction with Aviva.
McGoff Construction, part of the wider McGoff Group, completed the 374-apartment development in April.
All the units within the six-block development were sold off-plan to a mix of owner-occupiers and overseas buyers after being marketed in Hong Kong, Singapore and Dubai through Alliance Investments.
Chris McGoff, director at the McGoff Group, said: “Success in delivering projects of this scale is all about speed of sales, absolute discipline in cost control and construction procurement, and meeting the promises you make to lenders and clients by delivering on time and on budget.
“Getting the sales pace wrong, by not tapping into the international investor base correctly, and disconnecting the build to third parties, drives peak debt costs and inherently creates risk for funders and buyers and your scheme profit very quickly turns to brick dust.”
Designed by Leach Rhodes Walker Architects, Downtown Salford is located on the banks of the River Irwell. The development includes a 24-hour concierge, gym, thermal suite, media room, postal room, private dining and business centre. It also has undercroft parking, landscaped gardens, residents’ roof garden and terraces.
