Nuovo completes six years after stalling
After years of stop-start development the Nuovo Apartments, UK Land & Property's mixed-use scheme in Manchester's Northern Quarter, is due to launch this weekend, with 166 flats for sale.
The scheme on Great Ancoats Street will be marketed by the residential team at JLL and features 126 flats for sale with prices starting from £117,500. There are also 40 affordable units for shared ownership, marketed by Reed Rains.
The scheme, which borders Ancoats and the Northern Quarter, was funded with £6m from the Homes & Communities Agency, via a loan from the Get Britain Building programme.
The scheme, originally known as Sarah Point, was started by Bashar Issa, the Iraqi developer now in jail for tax fraud, and stalled in 2008. UKLP picked up the site and resumed development before construction stalled again and new funding was sought.
Louise Emmott, associate director of residential at JLL, said: "Nuovo will give the city a much needed injection of housing stock. We've had over 200 people register their interest and given the current shortage of homes on the market we expect these to be particularly popular with both owner occupiers and private investors looking to take advantage of the well-located, high-quality apartments."
Deborah McLaughlin, HCA's executive director for the North West, said: "It is great to see that Nuovo has been completed, after many years of hard work. It's an extremely important scheme, and is a prime example of the positive outcomes that the HCA's funding and support can deliver. It is a superb addition to the city fringe area, which is being transformed by the work of the Manchester Place partnership between the HCA and Manchester City Council."