The Castings 2, Packaged Living, P Planning Docs
Stabilised net property income yield is estimated to be 5.1% for The Castings.

Singapore investors make £78m deal on The Castings

Julia Hatmaker

CDL Hospitality Trusts has bought the land and agreed to fund the development of the 25-storey Manchester apartment building from Packaged Living and Fiera Real Estate.

CDLHT spent £9.5m to acquire the land on the south-east side of Longacre Street in Piccadilly East.

The deal includes progressive payments totally £58.2m throughout the construction of the development, with £5.6m to be paid following completion.

Adding in a projected £3.1m for furnishing and fit-out expenses, as well as various professional fees, CDL estimates the total transaction cost is £78.9m on the deal.

Stabilised net property income yield is estimated to be 5.1% for The Castings.

The Castings will have 352 build-to-rent apartments ranging from studios to three-bedroom units. Its total residential area will take up 219,600 sq ft, while its amenities and retail space will spread out on 17,300 sq ft. Those amenities include a gym, cinema and roof terrace.

CallisonRTKL designed the building, which will range from seven to 25 storeys in height.

The building’s plans include 20 car parking spaces and storage for 350 bicycles.

The Castings marks CDHLT’s first foray into the BTR sector in Manchester.

Lead contractor Midgard is already working on site demolishing the site’s current buildings. The Castings project is projected to complete in May 2024.

Your Comments

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Without wanting to sound like a broken record but there’s something rather important completely absent from this scheme. Yet again.

By Balcony watch

Like the look of this. Think the brick design will give it some future proofing and it should last the test of time.

By MrP

People want gardens or at least a better view from their window.

By Nimble nimbly

More like 3.5% net when they can’t achieve top rents and their running costs are 20% higher than anticipated.

By The Old Faithful

Still no balconies, given the fact we have had a global pandemic and we are told to keep in a well ventilated room and be a part of outside for mental health. All tower blocks should now be built including balconies IMO.

By Annon

Include balconies and this is a nice scheme

By Prison

Looks like strangways to me

By Rob