The investment group Sourced has announced the acquisition of a £150 million development site known as Regent Plaza Manchester.
The landmark residential development – which is on the edge of Regent Road, Salford – is strategically located adjacent to the Middlewood Locks Project and is a stone’s throw from Manchester city centre.
The site will benefit from existing local amenities and will link together with other schemes being developed and built out in the area.
Stephen Moss, managing director at Sourced, commented: “We are delighted to announce the purchase of this site in one of the most thriving cities in the UK.”
“Having completed developments across the country with our network and with the additional support of our peer-to-peer platform, we are in a unique position and are very excited about this development and the creation of over 100 jobs in the local area.”
Located in an emerging creative quarter, the development will deliver new, contemporary living space for the ever-increasing young professionals market.
The development comprises five individual blocks surrounding a central open space with both seating and social areas. What’s more, Regent Plaza comprises 525 units being released over five blocks and includes one, two and three-bedroom apartments and well-proportioned three-bedroom townhouses.
“We are proud to bring this fantastic luxury development scheme to life,” Chris Kirkwood, director of Sourced, added.
“The demand for properties is increasing and the private rental market is rapidly rising, so the project once complete will boost the community and add an attractive aspect to this location in relation to the city.”
With a wealth of knowledge on the development, Joanne McCormack has joined Sourced as sales director to head up the unit sales department.
The FCA-regulated business has over 50 offices across the UK and is launching the project at the beginning of March 2019, with works already beginning on site. The development will start with sale prices of £135,000.