IT'S BEEN a slowly rusting relic of the last property boom for years but Nuovo, the apartment scheme formerly known as Sarah Point on Great Ancoats Street, has finally been completed.
If you do want a place of your own in town but don’t have £10,000 or so to spare for a deposit, don’t despair. Nuovo are offering 40 apartments on a shared ownership basis.
Started back in 2007 by Bashar Issa, the Iraqi developer now in jail for tax fraud, it was taken over by the banks in 2008 then bought by UK Land and Property (UKLP) which had their own funding hiccup before the Homes and Communities agency (HCA) stepped in with £6m to get the building back on track.
Nuovo before completion
UKLP have now delivered and it’s good to see the building complete, the lights going on and to have some new stock in the city for anyone looking to buy a place of their own.
There are 126 apartments in two linked but very different buildings with prices starting at £117,500 for a one bedroom unit offering 595sq ft of space. Two beds at £149,950 for 646sq ft.
Car parking underneath the building is an extra £15,000 – first come first served.
Nuovo apartment
There are retail units on the ground floor fronting Great Ancoats Street and we're told they've already been snapped up. Not by one of the usual suspects for an expensive express outlet or Costa, but by the HCA which wants to encourage independent retailers into the building and is prepared to take a punt on budding entrepreneurs, presumably with lower rentals until they get established.
This is a fabulous idea and will hopefully encourage some of the quirkiness of the Northern Quarter to cross over the dual carriageway and set up shop in Ancoats.
The main entrance to the apartments is on Great Ancoats Street and it’s pretty slick - double height, curvy walls, classy graphics and some nice furniture and lighting.
No concierge, as they want to keep service charges down, but along with the key fob to get in the front door you'll need a code to access the lift and the underground car park for increased security (Urban Bubble will be the managing agents in case you are interested).
Nuovo Atrium
The big surprise is the vast atrium at the centre of the lower building, with its own little olive grove and seating. Some have suggested it looks a bit prison-like, especially as the landing walkways are clunky with steel, but the communal feel and light from the glass roof lift it. You can imagine residents using the space for neighbourly events or just to escape their own four walls.
The apartments themselves are a little underwhelming. After six years you'd probably expect something with more class, in some areas like the bathroom, they are pretty basic.
The tower building has a different feel, much more private with only a handful of units on each floor, and lots of glass, much of it gently curving to wrap around the view. The views from the higher floors are stunning.
Unsurprisingly, the penthouse in the tower is the pick (£310,000). A big space with an expanse of curved window looking back over Ancoats and Manchester City’s Etihad Stadium lit up in the distance like a space ship.
Jones Lang Lasalle (JLL) are the selling agents and had 200 people signed up and eagerly awaiting the release of prices, such is the demand for new stock from city renters looking to buy and investors wanting a long term rental.
They are quoting rents at between £695 to £725 for a one bed and up to £1250 for a penthouse with parking.
Paul Johnson from UKLP said: ”For us it is great to hit the market now when demand is high and stock is low. We now need to keep that momentum going.”
He revealed they had already had 'a good conversation' with Manchester Life, the Abu Dhabi/City Council partnership to deliver 8,000 new homes in East Manchester over the next decade.
He said: “Everyone knows how strong the city is and the projections for growth so we are working really hard to try and secure our next residential scheme.”
Nuovo penthouse
Deborah McLaughlin, HCA’s executive director for the North West, said:
"It is great to see Nuovo completed after many years of hard work. It's an extremely important scheme, and is a prime example of the positive outcomes that the HCA’s funding and support can deliver.
"It is a superb addition to the 'City Fringe' area, which is being transformed by the work of the Manchester Place partnership between the HCA and Manchester City Council.”
If you do want a place of your own in town but don’t have £10,000 or so to spare for a deposit, don’t despair.
Instead walk to the back of the building down Jersey Street where you will find a third Nuovo building offering 40 apartments on a shared ownership basis.
Reeds Rains are the agents and there’s an open day on 18 October where you can buy a 35% share for £35,950.
