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.”
Rochdale definitely needs some investment, it’s terrible, you just need to shop there to see that, but moving in the right direction.
Not sure if Cllr Dans comment of “demonstrates the demand for high quality private rented accommodation in Rochdale Town Centre” is correct, I certainly would not want to privately rent there at the moment.
The need to tackle the Old Exchange Square eyesore and work out what is happening with “A Hampton” word on the “Rochdale Streets” is that it will be used for housing Asylum seekers, not the best place to have private rented accommodation.
Hope some of this money goes to improving the RBH stock
By Anoy
Now give some money to rochdale football 1 to get some advertising and enjoyment
2 a sport that is enjoyed by so many but need more
Also mayfield rugby club who has some many youngsters off the streets
By Rashid hussain
They will squander the lot. Where is the parking facilities for all this. Or in the ivory tower they live in do they think everyone will use the bus and tram. It will be spent on useless schemes and to bennefitt one community.
By Taxpayer
The decision to sell is probably right. No doubt some nervousness about the risk exposure. I assume clawback of the external funding has been avoided. I’d like to see some of the money recycled into the residential scheme on the former retail park.
By Local Interest
I wonder where the £30 million will be spent? Another shopping complex destined to fail?
By Born and Bred
Any money coming Middleton’s way at all? Thought not.
By Moonraker
Brilliant more needed.
By Freeman Carl
Great scheme 🙂
By Balcony Warrior
At that price the council have given it away, you cant build a BTR scheme for that money nowadays. Taxpayers should be happy…..
By oscar
So an average of £124k per Apartment paid! Says it all.
By Aghast
Looks like a great scheme and will compliment the regeneration of Rochdale Town Centre.
By Anonymous
Does £30m even cover the build cost?
By Anon
I wonder if Rochdale Council might now build some Social Housing, which we are more than desperate for, with the £ 30 million they have received. Is it in the region of 8,000 on the housing list??
By Anonymous
I keep hearing its bought for asylum housing & u.n housing . Can you confirm or deny this clearly, honestly & consiscley.
By Anonymous
Livingway has confirmed to Place North West that this is absolutely not the case. Thanks, Dan
By Dan Whelan