North west developer Amstone Developments has launched a search for a development partner to help fund its £130m private sector rental development in Salford, named Clipper’s Quay.
Agent Savills has been hired to seek out a funder and potential long term investment partner for the project, which includes 614 flats. The scheme won planning permission last year for a new build project on the site of a former cinema at Salford Quays. Also included in the development will be more than 17,000 sq ft of retail space, reports Property Week.
The Clipper’s Quay development is in Salford, close to Media City and the recently relocated headquarters of the BBC.
Developer Amstone Developments is angling to become a major private rented sector landlord, with an application to create a project containing more than 600 apartments in Salford Quays.
A submission to the local planning authority proposes 614 flats in five blocks of up to 15 storeys, on a site at Clippers Quay. With permission granted, Amstone hopes to start work on the former multiplex cinema site during the first half of 2015.
Amstone Developments plans more than 600 apartments for rent in Salford
Amstone operations director Martin Halsey told Property Week magazine: “Our Clippers Quay scheme provides us with the launch pad to roll out our PRS urban village concept in other North West locations in the future.”
Amstone has already developed the XQ7 building in Salford Quays, delivering 262 apartments. And the company is active on a number of other residentially led developments across the north west of England.