Properties

The Castings
(Residential Build-to-Rent Project Under Development Through a Forward Funding Scheme)

Piccadilly East, Manchester

  • Guest Room

    352
    Apartment Units

  • Land Area

    ~28,455 sq m
    Gross Internal Area

The Castings is currently under development under a forward-funding arrangement announced on 31 August 2021. On completion of the development in mid-2024, there will be 352 residential apartment units comprising a mix of studios, one, two and three bedroom units, with a total residential net internal area of approximately 20,400 sq m.

The property is located in Piccadilly East, a rapidly emerging mixed-use neighbourhood focused on providing a high quality public realm, vibrant ground floor activity and some of the best connectivity, working and living environments in the city. In addition, The Castings is minutes from the highly popular districts of Ancoats, The Northern Quarter and New Islington.

The Castings is located within two kilometres from the Manchester CBD and boasts convenient accessibility, being within a nine-minute walk to Manchester Piccadilly Station, which is the main train station in Manchester that has direct access to the airport and links Manchester to London and other major cities across the UK. The Manchester Piccadilly Station is served by the local Manchester Metrolink and bus lines, offering ease of travel to Spinningfields (a six-minute tram ride), the biggest commercial district in the city, Manchester Arndale shopping centre (a five-minute tram ride) and the Old Trafford football stadium (a 14-minute tram ride). In addition, The Castings is a 20-minute walk from The University of Manchester, which is a leading Russell Group university.

Property Details [  –  ]
Number of apartments 352
Amenity spaces Internal and external common amenity spaces which will include a gym, yoga room, cinema room, resident lounge, games room, co-working and meeting spaces, a private dining room with kitchen and roof terrace
Other facilities 352 bicycle parking spaces.
Ground floor commercial retail spaces (~398 sq m).
Car park facilities 20 car park lots
Gross Internal Area ~28,455 sq m
Title Freehold
Purchase price at 31 August 2021 under a forward-funding arrangement £73.3 million
Valuation (1) as at 31 December 2023 £78.2 million
Target Opening Mid-2024
  • (1)The valuation of this investment property under development was carried out by Knight Frank LLP using the comparative and investment methods, of which the gross development value (assuming practical completion) was derived using the investment method. In determining the fair value of the investment property under development as at 31 December 2023, the total estimated outstanding capital expenditure and a 5% contingency was deducted from this gross development value.
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