IF you had thought about buying one of the new apartments in One Smithfield in the Northern Quarter, think again.
This is our first investment in Manchester, a city we firmly believe contains all the ingredients we are looking for – a strong economy, excellent transport links and a world class university.
All 77 units in the colourful Lego-like tower have been bought by an investment fund and will now be rented out on completion. Which is only going to add to the current problem of a lack of stock for sale in the city as bemoaned by Lee Hill from Jones Lang LaSalle here.
A couple of friends just returned from Europe with a decent budget of £180,000 back this up. They are struggling to find a two bed apartment at the centre of things that is not trashed and shabby or small and cell-like. A sad indication of the standard of many of the developments of the last decade and depressing for individuals trying to invest and make a home in the city.
Still it’s good news for Muse Developments who are building it and the Homes and Communities Agency which provided £3.65m to help get the scheme started and will now get its money back, plus interest, when it is finished.
GRE Assets which bought it seem happy too. They will now sell on the units to investors and it will be interesting to see what they go for.
Andrew Lock is development director from GRE and said: “We are delighted to have completed the purchase of One Smithfield Square. This is our first investment in Manchester, a city we firmly believe contains all the ingredients we are looking for – a strong economy, excellent transport links and a world class university.”
CGI’s on their website here show classy looking interiors to apartments which will have terraces and a great location – just the sort of place my mates want to buy to live. Not buy to let.
But it was probably always destined for rental with the plans, designed by London based Mark Weintraub Architects, showing the majority of units being two equal sized double bedrooms and two bathrooms, the current build to rent model that investors prefer.
There’s 6,000sq ft of commercial space on the ground floor but please don’t tell Tesco because the scheme sits just behind the Mackie Mayor building on Swan Street and as yet no role has yet been decided for this lovely old building.
Mackie Mayor
Not sure if it is being actively marketed yet but I hope someone comes up with something interesting and neighbourly.
Something revolutionary perhaps.
Like a market.
Like a mini version of Borough market in London which is the central hub for a vibrant mix of shops and independent restaurants.
The Mackie Mayor, which is Grade II listed, is owned by the City Council – suggestions on a postcard as to what they should do with it.
Meanwhile as part of getting planning Muse have to ensure any remedial works are done so it does not fall into further disrepair.
One Smithfield
