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Development Opportunity with Planning Permission for 196 Residential Land at Ordsall Lane Apartments and Ground Floor Commercial

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Development Opportunity with Planning Permission for 196 Residential Land at Ordsall Lane Apartments and Ground Floor Commercial Residential Development Opportunity Development opportunity with planning permission for 196 residential Land at Ordsall Lane apartments and ground floor commercial. Salford, Manchester, M5 4TT CITY TOWER BEETHAM TOWER ARNDALE OXFORD ROAD No.1 SPINNINGFIELDS DEANSGATE DEANSGATE ONE REGENT WILBURN BASIN POTATO WHARF OWEN STREET ST GEORGES ISLAND CHESTER ROAD REGENT RETAIL PARK CORNBROOK BRIDGEWATER POINT POMONA ISLAND SUMMARY • Opportunity to purchase a Freehold development site close to Manchester and Salford City Centres. • Detailed planning consent for the erection of 196 residential apartments and ground floor commercial space. • Comprises two blocks between seven and nine storeys. • The development allows for delivery of the scheme into the Market Sales or Private Rented Sector markets. • Site extends to 1.08 acres. A5 7 3 EC 6 CLE 0 LL S N LIV A EW 5 ERPO S RO A OL AD STR D EE R T D M602 O A T LOCATION O MANCHESTER D S R Langworthy A A57 A Y EC O E CL H R ES NE 1 CITY CENTRE T W D 6 R R O L AD 3 M 4 The subject site is ideally located on Ordsall Lane, E ID A O I D 5 3 F L 4 Q EW B UA W D O Y O S L D TR G STREET E E Salford. Ordsall Lane is a main thoroughfare between O T N 6 TE St Peters Sq A 5 6 A Y L 2 A A57 0 2 A H R 5 W 5 34 Manchester and Salford and is becoming a newly E SG G B Weaste T ENT A Y R T U O Cemetery AD I AN N E O D I D S R R established hub for residential development and city T 6 6 O F 5 8 1 F A 5 living. The site is bordered by Dyer Street and Worrall A A6 A 1 4 R 3 A DWAY T 5 BROA 7 A5186 R E 3 3 GEN 0 6 T 1 Street, providing good vehicular and pedestrian links. RO 5 0 AD D A 5 A A O R Deansgate L L Broadway The site itself is equidistant from both Manchester City Anchorage A Harbour City 6 B AY 6 64 W 69 AD 0 WH O ORDS IT BR 5 WO Centre and Salford Quays (1 mile) with both centres RTH STREET A 56 0 6 Development Site 5 5 3 A A 0 being easily accessible by foot. 1 5 A The development will be immediately adjacent to a new Media City Ordsall Park pedestrian bridge across the River Irwell linking both D A O R The Lowry D the Ordsall neighbourhood and riverside area with D A A57(M) R O Salford Quays R R O Cornbrook E T F AD ES Cornbrook Metrolink station and the excellent public F O H R C A 6 L 5 Imperial War R L A Hulme Park T A transport service that this station offers. There will also Museum SALFORD S 3 D 6 R TR 0 O A 8 FF QUAYS 5 6 O 5 1 be a new enhanced bus service to operate between R A D 0 2 W 5 H 5 AR A F B RO A Salford Quays and Manchester City Centre immediately AD 5056 4 Exhange Quay 6 1 5 0 adjacent to the site. A 5 A D OA D R FOR A D ET 5 R 08 OA ST 1 Y R 67 W HA CIT A50 RFS - Bus Stop – Adjacent IDE WAY Pomona A 50 - Cornbrook Metro Stop – 0.6 miles to the south 8 1 W Y D AD H A A RO A R W O RD R O F TE R TF S WA R RE ID E E ST D E DG T D 67 I 0 A R S A 5 - Manchester City Centre – 1 mile to the east WA B E A 6 O Y H D A5 O C R R 4 R 1 A 50 D S S 5 A N ON 0 E Manchester 67 A T - MediaCity UK – 1 mile to the west L L C R R N Internatational E I O B R H M P Freight Terminal C White City 3 8 - Manchester Airport – 10 miles to the south HU 0 1 T 1 Seymour B 2 Retail Park R 5 6 5 5 5 A O Park A 2 4 B 1 Trafford Bar 1 N 0 7 5 4 A 2 The surrounding area is alive with development and 2 5 regeneration with new schemes and opportunities set B to transform the area. This is the result of the Council’s framework for the transformation of the Ordsall Riverside area into a vibrant mixed-use area comprising residential, commercial and leisure uses. These new developments within the Ordsall Riverside will benefit from proximity to and views of the river, and access to the strategic road network with close proximity to the Metrolink tramline. Directly opposite the site, on the southern bank of the River Irwell, lies Pomona Island. The owners Peel Land and Property have an ambitious masterplan for the regeneration of the former 26 acre dockland site. The site will provide in the order of 2,500 homes, retail space and commercial, that will radically reform the area. Schemes to the east and west of the subject site will also see the surrounding area transformed as this new neighbourhood of the city establishes itself as a key residential hub. MEDIA CITY NEARBY DEVELOPMENTS The plan opposite outlines the transformation that this area is undergoing. The development will be immediately adjacent to a new pedestrian bridge across the River Irwell linking both the Ordsall neighbourhood and riverside area with Cornbrook Metrolink station 1 and the excellent public transport service that this station offers. 2 The development will be immediately adjacent to a new enhanced 9 bus service to operate between Salford Quays and Manchester 3 City Centre. MANCHESTER’S DRIVERS OF GROWTH 4 Manchester’s residential market has been very strong over the past 5 years with a substantial lack of supply underpinning the market PROPOSED 5 PEDESTRIAN place; the city boasts the highest price growth in the UK for five of BRIDGE the last 6 years. 6 Hailed as one of the best cities to live in, Manchester is a world- class proposition for business and investment, with the cities’ 8 economy expected to remain as a key driver of the North West. 7 Manchester’s population is projected to increase to 631,500 residents by 2041 – an increase of 14.1% from its current size. CORNBROOK Over roughly the next decade, 110,000 new jobs are expected to be created. There are additional drivers of growth for Manchester outlined below: • Fastest growing UK City outside London • 7.2 million people live within an hour’s commute, largest travel to work catchment of any regional UK City 1 Bridgewater Wharf - Planning granted for 376 apartments • 6,500 businesses - The city is home to 80 of the FTSE 100 2 Ordsall Lane - Planning granted for 375 • 130,000 people in the city centre apartments • 1,500 international businesses 3 240 Ordsall Lane - pre-planning application • 2.7 million Greater Manchester population (1.77 million working currently being drafted for residential apartments age) 4 221 - 223 Ordsall Lane - Subject Development • Over 51% of the North West’s total economic output is produced Land (Planning submitted for 196 apartments) by the Greater Manchester region. 5 Bridgewater Point - Planning granted • Greater Manchester is home to five universities for 220 apartments • 105,000 students with the best graduate retention outside of 6 Downtown and Bridgewater Gate - London (over 50%). Planning granted for 421 apartments 7 Gresham Mill - Planning submited for 142 apartments 8 Worral Street - Planning submitted for 252 apartments 9 Pomona Island FOR INDICATIVE PURPOSES ONLY THE SCHEME The subject site has planning permission for a total of 196 residential apartments with a range of complementary amenity and commercial uses (see plans within dataroom). Block A Total Size Ave. unit Unit Type Unit Number % Mix Sq Ft Sq Ft 1 beds 16 24% 7,488 468 2 beds 42 64% 28,550 680 3 beds 8 12% 6,488 811 Total 66 42,526 Block B Total Size Ave. unit Unit Type Unit Number % Mix Sq Ft Sq Ft 1 beds 73 56% 33,552 460 2 beds 42 32% 7,459 654 3 beds 7 5% 5,876 839 3 beds duplex 6 5% 7,722 1,287 2 beds duplex 2 2% 1,628 814 Total 130 76,237 MEDIA CITY Residential NIA – 118,763 Sq Ft Commercial GIA – 1,643 Sq Ft THE GATEWAY Total Scheme GIA - 169,277 Sq Ft CLIPPERS QUAY THE SOAP WORKS The development will comprise two blocks of seven and nine storeys, creating a landmark scheme in the heart of the Ordsall Lane corridor, attractive to both owner occupiers, individual investors and bulk purchasers. ORDSALL HALL ORDSALL PARK THE DOCK OFFICE There are 45 car parking spaces provided at ground level, with secure cycle storage POMONA ISLAND for 164 cycles. Attractive unit mix comprising 45% 1 beds, 43% 2 beds, 8% 3 beds and 4% 2/3- bed duplex apartments, which will appeal to a broad mix of tenants from young professionals to families. CORNBROOK PLANNING PERMISSION Planning Consent has been granted under reference number 17/70278/FUL. The above was approved subject to the signing of a S106 agreement, which requires a financial contribution of £710,420 and one affordable home.
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