Having exchanged contracts to forward fund the £80m Salford scheme in 2017, listed landlord Grainger has welcomed its first residents to the 375-home development.
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The Filaments is located on the corner Trinity Way and Chapel Street close to English Cities Fund’s New Bailey.
UKLP Gore Street, a joint venture between UK Land & Property and Sir Robert McAlpine Enterprises, developed the scheme, with Sir Robert McAlpine acting as main contractor.
The development, which has now been handed over to Grainger, is split across three blocks: Neon, Halogen and Lamp. Neon is the largest of the buildings and houses 196 apartments. Lamp has 72 and Halogen 96.
The Filaments comprises a mix of one-, two- and three-bedroom apartments, plus 11 townhouses that range in size from two to four bedrooms. The majority of the apartments, 228, have two bedrooms and there are 97 one-bedroom flats and a further 39 with three.
Loft Interiors has been appointed to fit out the apartments.
Additionally, the development features 8,000 sq ft of retail space across six units. Cheetham & Mortimer is marketing the commercial units.
How much will it cost me?
- One-bedroom apartments from £900
- Two-bedroom apartments from £1075
- Three-bedroom apartments from £1605
Once fully let, Grainger anticipates a 7% yield on its investment.
Designed by OMI Architects, the project was originally scheduled to complete last year but was delayed due to the Covid-19 pandemic.
The development is Grainger’s second in Salford following the completion of the £100m 614-home Clippers Quay in 2019.
In total, the investor has an operational portfolio of 9,109 rental homes, valued at £3.2bn. Of those, 1,635 are located in Greater Manchester.
In addition, Grainger has a £1.2bn pipeline comprising 8,851 rental homes.
The PRS market has remained strong during the Covid-19 pandemic and is seen by investors like Grainger as a safe bet.
“The market has really strong fundamentals and is proving its resilience,” the company told Place North West.
Following the completion of the Filaments, Grainger is continuing to pursue new opportunities in its target cities, including Manchester, it said.
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