Research from social impact developer CAPITAL&CENTRIC has shown that less than 2 per cent of the Manchester residential market is prioritising sales to owner-occupiers.
Examining new build homes on the market in Manchester city centre for £250,000 and under (via Rightmove in May 2020) CAPITAL&CENTRIC uncovered that 76 per cent were aimed at investors.
47 per cent of homes for sale appeared to be marketed primarily at investors, focusing on promoting predicted yields on investment.
A further 29 per cent were targeted solely at investors, requiring hefty deposits and in many cases specifying “buy-to-let” or “investors” only.
Just four developments in the city centre were aimed at owner-occupiers only.
Two of those were CAPITAL&CENTRIC’s CRUSADER and PHOENIX on Chapeltown Street in Piccadilly East.
CAPITAL&CENTRIC previously made headlines for creating an owner-occupier community and banning investors when it launched Crusader Mill in 2017.
Their research arrives as the developer nears completion on the Phoenix development next door – which is also reserved for owner occupiers.
Adam Higgins, co-founder of CAPITAL&CENTRIC said: “For us, banning investors has always been about creating a proper owner occupier community, where you can set down roots and get to know your neighbours. That desire to be part of a community has never been stronger as we’ve all come together in the face of coronavirus.
“Since lockdown we’ve seen loads of interest from people, especially first-time buyers, who want to live alongside other owner occupiers.
“This research shows that many other would be buyers are still missing out to investors who are often buying up flats they’ll never visit, seeing them as investments rather than homes and either being an absent landlord or leaving them pristine and empty until the time comes to sell.
“Locals living in these flats, have bugger all chance of getting to know their neighbours, if they have any at all!”
Phoenix residents will be the first to move into the emerging Piccadilly East neighbourhood – recently named by The Times as one of the next greatest places to live – when the development completes in August.
The one and two bed apartments, designed by shedkm, are on average 35% larger than other properties in Manchester – another feature that has attracted buyers during lockdown.
Over half will have spacious balconies, with residents being able to access roof gardens and a dog-friendly green courtyard with fire pits and barbecues.
Adam continued: “Most of us have had a lot more time at home over the last few months and buyers just won’t put up with poky, identikit apartments anymore.
“They want bigger rooms and outdoor space in a place that feels like home.”
PHOENIX is available with Help to Buy with prices starting at £195,000.
To find out more or book a viewing at PHOENIX, head over to the official website.
New images give sneak peak at £210m redevelopment plans for ‘eyesore’ Manchester hotel
New images giving a sneak peak at impressive £210 million plans to redevelop a Manchester city centre hotel once branded an “eyesore” have been released.
The former Renaissance Hotel is undoubtedly one of the most divisive buildings on Deansgate, was notably once labelled an “eyesore”, and had been facing demolition since 2018 – but plans were eventually unveiled to redevelop it into a part-office, part-hotel, and part-residential complex a few years back.
The brutalist structure is set for a whopping £210 million makeover, which is being overseen by Property Alliance Group and Starwood Capital.
Developers have now released a handful of new images showing what the new offices will look like.
According to redevelopment plans, the offices within the building will be spread over four floors and be around 36,000 sq ft in size.
With work expected to begin on the building by the end of next month, plans also show that there will be a communal roof terrace, a wellbeing studio, bike store, and showers with changing rooms, as well as flexible office space.
Speaking on the redevelopment plans, Alex Russell – CEO at Property Alliance Group – said the project is as “important” to the company as it is to the city of Manchester.
“It demands best-in-class for design and amenities to maximise its riverside location [and] we cannot wait to relaunch this vibrant and engaging destination for the city’s residents and visitors.”
Will Lewis, who is the founder of OBI, which is the company that’s been tasked with “bringing the commercial space to market” added that he wants to see both large and small companies rent office space within the building once redevelopment is complete.
“New build office development of this nature is unique, as it enables both large corporates seeking a self-contained HQ and SMEs to take space on a floor-by-floor basis,” he explained.
“The building will boast an array of high-quality amenities including a vibrant ground floor coffee offering, wellbeing space and a stunning roof terrace and pavilion.”
Featured Image – Property Alliance Group
Huge 55-storey ‘tombstone’ Oxford Road skyscraper to go ahead despite objections
Plans to build a massive skyscraper dubbed the ‘tombstone’ in Manchester city centre are to go ahead despite objections.
The imposing 55-storey tower containing 850 student flats, which is on top of a car park off Oxford Road in the heart of the city centre, was approved all the way back in July 2021, and was soon dubbed the ‘tombstone’ by local residents who opposed the project and lodged an appeal to the Hight Court.
More than 750 letters of objection were said to have been received by planners, the MEN reports.
Local residents from the neighbouring Macintosh Village opposed the plans for the new skyscraper based on environmental grounds, and raised issues on possible exposure to contaminated construction dust, as well as querying how often a crane would go over a car park and how this would potentially prevent access to their parking spaces.
Complaints about GMS Parking Limited’s proposal for the skyscraper ranged from issues to do with its height and design, to the overall impact.
Residents said they believed the skyscraper could impact on their mortgages and their health.
The lawsuit brought to the High Court by Mackintosh Village Management Ltd, which represents nearly 500 tenants in the development, cited six grounds which the group believed showed Manchester City Council had acted unlawfully – which included allegations that local authority officials had “seriously misled” the planning committee.
Residents believe they were misled by the planning committee advising them on parking restrictions during the demolition and construction phases – particularly during the erection or dismantling of tower cranes.
But Mr Justice Fordham at the Hight Court said this week that there was not enough evidence to overturn the approval decision, and therefore ruled against the Macintosh Village residents, as well as rejecting an application by the management company for permission to amend the pleas.