Plans have been granted to build more homes in the emerging Piccadilly East district of central Manchester, bringing 107 more buy to let Manchester properties to the local market. The design-led, build to rent apartments will span over 15 storeys on the city’s Chapeltown Street.
A thriving new neighbourhood
The project at Piccadilly East – known as Ferrous – is being led by Capital&Centric and will cost £28million. Ferrous is the latest addition to Capital&Centric’s portfolio of buy to let Manchester apartment buildings and will sit alongside their others, the Crusader Mill restoration and the new build Phoenix development.
In fact, Piccadilly East was spearheaded by Capital&Centric with the aim to bring a thriving new neighbourhood to Manchester city centre with opportunities to live, work, relax and invest in property.
The apartments at Ferrous will follow the approach of the other developments at Piccadilly East. The interiors will be created in a spacious, industrial-chic style, perfect for modern living.
Alongside the 107 new homes, Ferrous will also feature a resident’s rooftop garden. At ground level there will be community hub with two café-bars and The Cabin, a place for pop-up eateries and one-off events.
With more and more tenants wanting easy access to good outdoor space, two new parks will also be created. These will have planting and seating areas and will add to the desirability of Piccadilly East as somewhere to invest in property.
Work is set to begin on Ferrous in the Autumn and is due to complete in 2024. Once finished, it will occupy a 20,000 sq ft site that was once reserved for the Metrolink line expansion.
When the site wasn’t used for this work, it stood empty and derelict for years. Its redevelopment is yet another example of how the residential construction sector is rejuvenating disused parts of Manchester and boosting the city’s economy.
An awesome place to live
Tim Heatley, co-founder at Capital&Centric spoke about what makes Piccadilly East such a great place to live and invest in property.
He called the new neighbourhood “an awesome place to live” and explained that “Ferrous is the next part of the story, bringing more new homes with our trademark design-led finish, but crucially more spaces that’ll breathe life in the area. There’s a genuine community forming across Crusader Mill and Phoenix [and Ferrous] should really help foster that close-knit neighbourhood feel, right round the corner from Piccadilly station.”
What is property investment?
Put simply, property investment is property purchased with the intention of generating financial returns for its buyer. These returns could be in the form of rental income through buy-to-let properties, house price growth through the future sale of the property or both. Individuals or organisations can invest in property, and the investment can be short, long or medium term.
Find out more about investing in property in Manchester. If you’re interested in buy to lets in Manchester, get in touch with North Property Group now.
Explore our property in Manchester
Gross Yield: 6%
Est. Q4 2024
Lease Length: 250 Years
Manchester has become one of the UK’s best property markets, with thousands flocking to the city each year to work, study, and play…