Fortis Developments, in a joint venture with Beaumont Morgan, has launched the £7.5m second phase of its buy-to-let scheme in Salford, after nearly selling out the 134 apartments that make up the first phase.
At Ordsall Lane, Bridgewater Point is currently under construction after receiving planning permission at the end of last year. The building will be seven storeys at its highest, with a communal roof terrace.
The 1.4-acre site was bought from administrators of Greenwater Properties and is derelict, with a large warehouse and smaller buildings left vacant.
Completion is expected in the first quarter of 2017.
Knight Knox is selling the apartments.
The scheme will be let by Fortis Lettings & Management and managed by Fortis Estate Management.
Andy Phillips, commercial director at Knight Knox, said: “Following the initial success of Bridgewater Point, I’ve no doubt that Bridgewater Gate will prove to be another hugely popular Fortis scheme and one that will help to satisfy the increasing demand of the buy-to-let investor market.
“Thanks to its impressive average buy-to-let income yield, Salford has quickly become a hugely popular destination when it comes to investing in residential property. The region’s continued investment in local amenities and job creation is an attractive proposition and leads to increased rental demand.”
The launch of Bridgewater Gate comes soon after the phase two launch of another Fortis-led development, Adelphi Wharf. The £75m scheme is based on Adelphi Street on the bank of the River Irwell, within walking distance of Manchester city centre. It will be made up of 593 apartments and townhouses, with phase one due to be completed in at the start of 2017 and phases two and three by the fourth quarter of 2017.