Sourced Development Group has appointed construction company Barton PM to Regent Plaza, a residential scheme of 525 apartments in Salford, more than three years after the site gained planning permission.
Sourced purchased the site on Regent Road in Salford in March 2019 from Mount Property Group.
Mount acquired the plot for £13m in 2016 from Vivere, the development arm of Liverpool’s New Chinatown contractor Bilt Group, which went into administration in 2016.
Vivere gained planning permission for the scheme in November 2016.
Sourced Development is part of property investment company Sourced, funded by peer-to-peer lending company Sourced Capital.
Site clearance and piling for the first block has completed, and Sourced groundworks are due to start in the New Year, followed by a steel frame in March.
The whole development will be under construction for three years and four months.
The phased development is set to deliver five blocks, surrounded by a central garden with outdoor communal space. Upon its completion, the occupants will have access to a 24-hour concierge, gardens, residents lounge and gym.
Block A will be 24-storeys, B will be 10-storeys, C will be seven-storeys, D will be 16-storeys, and E will be four-storeys.
Matt Fawcett, managing director at Barton Group Services, said: “Work has kickstarted on Regent Plaza and site branding is now installed on this major transitory route within touching distance of Manchester city centre.
“This is our first scheme with Sourced and we are currently preparing the remaining construction works over the forthcoming weeks so will be looking to release these to the market in February 2020, with the overall scheme due for completion in Q1 2023.”
The scheme is designed by Fletcher Rae.