It’s been a busy summer since the existing building has been demolished and the land where The Waterhouse will eventually stand.
Since the last update, we’ve turned the entire site over to ensure that there are no obstructions in the soil. Our remediation contractor (Forshaw Demolition) has then compacted the soil in layers ensuring that the ground is ready to receive and support our building. Our main contractor has taken possession of the site and the piling rig is there now driving the concrete piles deep into the ground, these will be what the building stands upon when construction is completed, the cabins are in place and the perimeter fencing to the road is now up too.
There is a couple of weeks piling ahead of us before we can start pouring concrete, which will be the next update.
After manually stripping off the roof last week, the “boys with their toys” arrived on site this week and quickly made their mark as the heavy machinery swung into action at Worrall St, Salford.
The existing brick building now demolished allows surveys and ground works to commence over the coming months for delivery of 86 new build high specification waterside apartments due for completion 2020.
With pre-sales well under way, there are still some river fronting units available. View more details here or just complete the contact form below to receive a comprehensive brochure and floor plans.
Our Remediation Strategy for our Worrall Street site in Salford was approved last week by the council. We are now permitted to conduct environmental studies and take the required soil samples for analysis prior to construction.
The demolition company has been appointed and the demolition of the existing brick structure is now underway.
Works are set to continue over the next two weeks, with demolition of the existing building and remediation of the site to allow ground works to commence shortly.
With a growing population, Manchester and Salford are undergoing significant urban regeneration programmes which have led to a thriving local economy and bouyant rental market. Whether you’re a new or seasoned investor find out more about our fully-managed residential investment opportunities.
Manchester, Leeds and Liverpool have all seen significant housing supply shortfalls in the face of an increase in demand from people wishing to live in the core city centres. And as result of political headwinds, the growth story may be somewhat stifled.
However, looking forward, the prospects for the major urban markets within Northern England are positive. As a recent report from JLL shows, Manchester, Leeds and Liverpool to all see price and rental growth over the next five years to be above the UK average.
In recent years Manchester City Centre has established itself as the most significant residential market in the UK with more than £1.6bn invested over the past 24 months in new purpose built private rental developments in the city centre, mainly on a forward funding basis.
A total of c. 5,600 purpose built private rental units are now under construction making Manchester by far the largest multifamily rental market outside London. While the sheer weight of residential development is impressive the growing importance of the city centre in meeting Greater Manchester’s overall housing need cannot be understated. The new Greater Manchester Spatial Framework – the region’s first ever blueprint for long term development – stipulates that brownfield sites in the city centre should provide for 50,000 new apartments over the next 20 years, a quarter of all projected housing need across the metropolitan county. Given that around 25% of the current 30,000-unit city centre pipeline is yet to get planning permission, supply is on course to meet demand for the first decade of the 20 year GMSF plan.
In the more immediate term Manchester has seen some significant economic wins which have boosted demand for city centre housing. In 2018, a total of 500,000 sq ft of office space was let in three standout deals to Amazon, Booking.com and HMRC.
JLL estimates that currently up to 3,000 units are needed per year for a growing city centre population expected to rise from 55,000 currently to 100,000 by 2026. And given that delivery in the last five years has averaged less than 1,000 new units per annum, a ramp up in supply is long overdue.
House price and rental growth in 2018 was more in line with the rest of the country following considerable growth in recent years. The price of a two bedroom city centre apartment increased by 2% and with supply becoming more closely aligned to demand, JLL expects price growth of 3% pa over the next five years compared with a national average of 2.2% pa. Rental growth in Manchester is forecast to average 3.1% pa compared with 2.4% pa across the UK.
Source: JLL Residential Forecast Northern England 2019
Why not check out all our current developments and find out how you can also profit from the Manchester booming property market.
Already one of the most sought after areas to live and rent in Manchester, Castlefield is to see further demand with the announcement of Enterprise City.
Enterprise City comprises of 1 million sq.ft of office space across 10 buildings and 10,000 new jobs to be created in the South of the city centre. A state of the art office space is designed to attract further global brands and will make up a new tech, digital and media hub.
With household names such as e-commerce giant Booking.com moving their new global headquarters here and WPP the World’s 2nd largest advertising group moving to Castlefield, this already coveted district of Manchester will see a further influx of professionals.
As one of Manchester’s leading developer’s, we strategically place our residential developments in prime city centre locations and also areas earmarked for future growth and gentrification. With the announcement of Enterprise City, our River Plaza residential development now ticks both of these boxes.
JLL have forecast residential property to grow by 28.2% by 2022. This would be the case for any area within the city. For a continuation of this growth or a ‘second wave’, it is important to look at gentrification and regeneration areas. Where is the demand going to be sustainable? Which part of the city is going to keep evolving?
From River Plaza, a short walk along the river brings you to Regent Road and extra few minutes brings you to Enterprise City and the heart of Castlefield.
Whether your property purchase is to live in or for a buy-to-let, it is always an investment. Investment is about timing and location – which is key to this development. This will always sit in a prime, Manchester City centre location and is couples with sustainable, long term growth.
Forshaw Land & Property Group is a privately owned family company. With half a century of property development experience spanning the whole of the U.K.,we know what it takes to create a better investment opportunity.
We take unloved land and forgotten buildings and turn them into unique spaces that bring land back to life. We develop and redevelop for prestige residential, commercial, mixed use and student living. View our current developments here
We have an impressive pipeline of residential developments in prime city centre locations with a focus on the Northern Powerhouse hotspots of Manchester and Salford Quays. Whether you are a buy-to-let landlord looking for solid rental returns or an owner occupier seeking an enviable city living life style, Forshaw delivers.