Type of Cover
Private Residential Scheme (PRS)
Developer
Mulbury City
Architect
Tim Groom Architects
Forward Funder
M&G Real Estate Ltd
Builder
Bardsley Construction Ltd
Number of Units Covered
135 apartments
3 commercial units
This eight to 14-storey development provides 135 private rented sector (PRS) apartments at the corner of Port Street and Great Ancoats Street, on the edge of the Northern Quarter.
The development has been built on a site that was once home to the Astley Arms public house in the early 1800s. Remains and artefacts from the pub, which has inspired the name of the development, were discovered during the excavation of the site.
Mulbury negotiated a forward-funded deal with institutional investor M&G Real Estate to enable the development. The deal marked M&G Real Estate’s first investment in the private rented sector in the North West. M&G Real Estate own and manage the building.
“We have successfully delivered 2 BTR schemes in Manchester with Premier Guarantee in recent years. The dual approach of Project Manager appraising the plans pre construction and the on site surveyor checking workmanship and as built detail has worked well. Both have excellent knowledge of high rise residential which gave us and the funder great comfort and helped guarantee the quality delivered by the contractor.
Despite the insolvency of the main contractor on the last scheme we found a solution with Premier to provide the same level of cover to the funder as we had committed to which was a great relief.”
Nick Legget, Development Director, Mulbury