Plans have been revealed this morning for 261 apartments to be developed in Manchester’s Northern Quarter by Singapore based City Developments
The site is located near Piccadilly Station, along Tariff Street and Port Street in the Northern Quarter, within the Piccadilly Basin neighbourhood of Manchester.
Full planning permission was obtained in October 2023.
CDL plans to develop the site into two new-build 10 and 12-storey apartment blocks housing a mix of 1-, 2- and 3-bedroom apartments and two commercial units on the ground floor. The project is expected to be completed in 2026.
1NQ is the Group’s fourth PRS project in the UK since 2019. The first was CDL’s acquisition of the development site for a 665-unit project in Leeds called The Junction. This was followed by another two acquisitions in 2021 – one by CDL Hospitality Trusts (CDLHT), the Group’s REIT associate, a 352-unit forward-funded project in Manchester named The Castings, and the other project by CDL called The Octagon in Birmingham, with 370 units. The Junction has obtained Practical Completion for three out of five blocks (comprising 307 units) and has achieved above 90% committed occupancy as at October 2023. The remaining two blocks with 358 units are on track for completion by Q4 2023.
Mr Sherman Kwek, CDL Group Chief Executive Officer, said, “Despite an uncertain macroeconomic environment, our PRS assets have shown resilience and strong growth potential. We have continued to scale up our global living sector portfolio to drive growth in our recurring income. This year, our Group’s global PRS portfolio has grown by almost 70% to 4,489 operational and pipeline units in the UK, Japan, Australia and the US, up from 2,640 units last year. 1NQ marks CDL’s first UK PRS acquisition under a forward-funding arrangement, which enables us to secure our investment at a fixed cost, manage our cash flows over the development period and benefit from potential capital appreciation.”
