No1 Old Trafford secures £32m funding deal
Cole Waterhouse is pushing on with No1 Old Trafford, its £68m mixed-use development near Manchester United’s stadium, after securing £32m of sales with investor IP Global at its 18-storey tower.
CBRE was enlisted by Cole Waterhouse last year to find a funder for the project, and launched the scheme overseas last month. Craigleith Property Group is also supporting the developer in the hunt for investors.
The 354-home scheme, designed by architect 5plus, is being developed by Cole Waterhouse, headed up by chief executive Damian Flood and chairman Brendan Flood.
Including a mix of 139 one-beds, 211 two-beds, and four three-beds over two towers of 18 and 15 storeys, there is also retail space on the ground floor and a communal podium garden and roof terrace.
International investment fund IP Global has acquired 173 apartments and 34 car parking spaces for £32m. These include 52 one-beds and 121-two bed apartments in the development’s Block A, which includes 108,000 sq ft of space over 18 storeys.
According to IP Global, the development is expected to complete by the fourth quarter of 2019.
Cole Waterhouse is working with the funder to market the scheme abroad, and has launched No1 Old Trafford in both Dubai and Hong Kong to drum up further interest. IP Global also markets its schemes in Abu Dhabi, Cape Town, Kuala Lumpur, and Singapore.
Ahead of the launch, Damian Flood said: “The real selling point for No. 1 Old Trafford is how connected it is to numerous amenities including MediaCityUK and the city centre; it presents ease of accessibility for commuters, being close to the employment hub of Trafford Park.
“Our aim is to promote not only the development but the city of Manchester as one of the most exciting cities to live in the world.”
The developer added there had been “a huge amount of interest” in the scheme since its launch last month.
Trafford Council gave the proposals full planning consent in January this year.
Forrest is in negotiations to act as main contractor, although it has not yet formally been appointed, and has enlisted Warrington-based subcontractor Bagnall to lead on demolition works, which will see existing industrial buildings on the site off Trafford Wharf Road knocked down to make way for the development.
The nearby Skyhook sculptures will be retained, and there will be landscaping and public realm improvement works to the area around these.
The professional team on the project also includes Paul Butler Associates as planner; Crooks Walker as M&E engineer; Exterior Architecture as landscape architect; SCP as transport planner; and Mace as project manager.
LIV Group has been appointed to manage the scheme.