Rochdale to sell 242-home BTR to Livingway for £30m
Livingway’s acquisition of the Upperbanks development demonstrates Rochdale’s appeal to investors and the demand for town centre living, according to the authority.
The Ancoats-based build-to-rent developer will manage and operate the 242-apartment development, having agreed to buy the asset from Rochdale council in a deal understood to be worth in excess of £30m.
CBRE advised Rochdale Council on the deal.
Once complete, the scheme will offer a mix of studio, one-bed, and two-bed apartments, all with balconies, housed in two nine-storey blocks that Livingway has renamed Gigi and Fifi.
“The council has done an amazing job with the overall regeneration of the town centre,” said Samantha Hay, Livingway’s chief executive.
“Rochdale is a prime example of a Greater Manchester satellite town that has all of the ingredients to support a high-quality build-to-rent accommodation.”
Hay added: “In terms of geography, connectivity, and ambition, the town is perfectly positioned to use the general growth of Greater Manchester as a springboard to enhance the town by having a full live, work, play offering.”
Due to complete in August, the BTR development forms part of the second phase of Rochdale Council’s efforts to regenerate the town centre.
Upperbanks is located at John Street and New Baillie Street, and adjoins the Rochdale Riverside retail and leisure development, which opened in 2020.
A Hampton by Hilton Hotel, which the council will retain, is being constructed next door to Livingway’s development.
Upperbanks has attracted more than £20m of external funding, with more than £17m from the government’s Future High Streets Fund and another £3m from the GMCA Brownfield Development Fund.
Genr8 is the development manager, for the project and Willmott Dixon is the main contractor.
Cllr Danny Meredith, cabinet member for regeneration and housing at Rochdale Council, said: “Livingway’s purchase is a reflection of the quality of the development and demonstrates the demand for high quality private rented accommodation in Rochdale town centre.
“Their offer shows that external investors see Rochdale town centre as an attractive proposition, reflecting the scale of investment undertaken by the council over the past 10 years.”
He added: “I look forward to continuing to work with other developers, housing management companies, including registered providers, and residents to continue to provide housing within our town centre area.”