Landlords Wanted
FIFTEEN of the 19 apartments released for sale in Paragon Mill in Ancoats last week sold before the day was out.
That’s roughly, very roughly because the reserved prices have now disappeared, £3.5m of property sold in eight hours. Not a bad day at the office for the developer, Leeds based Renaker Build and agents Jones Lang la Salle.
Louise Emmott, associate director with Jones Lang La Salle said: 
“We have seen a shift in the last six months with people who have been renting in the city looking to buy but there is not much out there. “I never thought Manchester would get to this situation but if you want to move into something brand new now, or in the next three months, you do not have much choice. “People are confident at the moment, can get access to mortgages and want to commit before prices rise and mortgage rates possibly go up. “There will be other developments completing later this year but not much right now which is why developers can be firm on prices. There are no deals around. They don’t need to offer them.” More frustratingly buyers are not just competing with each other they are competing with the investment funds. Which is an unfair contest.
1 Smithfield, a perfectly placed block in the Northern Quarter, was sold to a property fund at the beginning of the year. The 77 apartments here, one, two and three beds would have gone to private buyers all day long but a done deal 12 months ahead of completion was too tempting for the developer Muse which is also in the midst of building Islington Wharf Mews and Vimto Gardens in Salford.
The houses and apartments at The Point in New Islington offered a realistically priced option for people looking to buy and in three months only two houses and three apartments are left in the first phase. Bit of a surprise then that the other three blocks, 85 nicely sized apartments, have been sold to a property investor and will not now come to the market for private sale, only rent.
The Homes and Communities Agency under its Get Britain Building scheme put millions into both Smithfield and The Point and the deals mean it will get the money back, when they complete. But that seems a little short sighted and begs the question of what sort of city is being created.
There is huge demand for high quality, affordable rental property and the HCA is about to announce funding for several Private Rental Schemes in Manchester.
Several developments are due to complete later this year. The apartments and interesting houses of Islington Wharf Mews will be complete for May and 10 of the 46 have already sold off plan. The rusty steel frame of Nuovo/Sarah Point is almost fully glazed now and should be complete by September, so too the Kennedy Building at Royal Mills. And Block D at Alto should also be finished.
Meanwhile other developers are racing to get started. Lend Lease is on site at Potato Wharf and sales here are due to start this March with completion the following March. Once done they will move back and finish off the last block at Green Quarter on the site of the current sales office. Expect prices at PW to be higher than the £150,000-£170,000 at Cypress.
There are signs that Dandara could be dusting down its plans for Chapel Wharf next to The Lowry which would make sense. It’s the perfect spot for some high end specification.
Written by Jill Burdett.