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.
Manchester developer Villafont Homes has put its first private rented sector development across the desk of planners in the city. The proposal will deliver 372 one, two and three bed flats in a block of up to 15 storeys high.
Villafont has committed not to sell off apartments to buy to let investors, something that has become commonplace in Manchester, as its lower property prices appeal to amateur investors. The Salford area has also become a hot spot for rental apartments, with several major blocks in the area providing private rented accommodation, designed to appeal to young professionals working in the city centre.
Villafont is hoping that planners will agree to its request for the regular affordable housing contribution – normally demanded from private developments – to be waived. Under the city’s existing planning tariff, 20% of the units would need to be given over to affordable housing. In addition, it aims to argue for a reduced Section 106 contribution to local environmental improvements.