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Development opportunity for sale in Salford

Furness Quay, Salford Quays, Salford, Greater Manchester, M50 3XY
For sale
POA
colliers
This property is marketed by:
Colliers

Key Features

  • Benefit Of Detailed Implemented Planning Consent For 421 New Residential Apartments.
  • C.1.2 Acre (0.49ha) Site.
  • 299 Pre-Committed Purchasers.
  • Excellent Transport Links, Including Metro Tram System.

Description

The site is located within close proximity to the Salford Quays Metrolink Station, providing rapid connections to Manchester City Centre, MediaCityUK and regional towns throughout Greater Manchester.

At Salford Quays in 2015, there were approximately 3,500 residents and 900 businesses supporting over 26,000 jobs, and this has only improved over the course of the past 7 years with rapid growth and construction of commercial and residential developments.

Extending to c.1.2 acres, the site was previously occupied by Navigation House, a now demolished 3 storey office building and associated surface parking spaces.

Location

Located within Salford Quays approximately 0.7 miles southeast of MediaCityUK and 1.75 miles from Manchester City Centre, Furness Quay is a prime redevelopment opportunity within an established residential area. Salford Quays has experienced extensive regeneration resulting in a world-class business, cultural and residential area. Destinations such as The Lowry, Quayside Shopping Centre, IWM North in addition to employers such as BBC, ITV, University of Salford and Bupa having a strong presence has attracted a diverse range of residents, occupiers and visitors to Salford Quays.

Salford City Council are currently consulting on a future Salford Quays Vision. Their vision includes a place that works for everyone, that puts people at its heart, that’s dedicated to wellbeing and where creativity brings people together. The Vision is the first stage in creating a blueprint for how Salford Quays could evolve over the coming years.

Planning

Planning consent ref: 17/69345/FUL was granted in December 2019 for demolition of the existing office building and construction of residential development comprising 421 apartments (C3), 408 sqm of ground floor commercial space (A1, A2, A3, A4, B1, D2) across buildings ranging from 6 to 27 storeys, along with associated access and landscaping works.

The planning approved scheme comprises:

• 421 Apartments (364,200 sq ft GIA)

• 1 Bed Apartment 202 (406–598 sq ft)

• 2 Bed Apartment 198 (640–917 sq ft)

• 3 Bed Apartment 21 (943–1,604 sq ft)

• 3 Retail units totalling (3,326 sq ft)

• 46 Parking spaces

A recent and successful non-material amendment application has allowed the completed demolition of the former office building Navigation House and secured an extant planning consent.

Further Information:

Pre- Sold Units

There are 299 pre-committed purchasers. A full GDPR compliant schedule is contained within the information pack outlining the terms of the pre-sales and financial metrics. Bid proposals are sought on the basis of the existing pre-sales as well as conditional upon an unencumbered title being provided upon completion of the site disposal.

A detailed ‘Purchaser Note’ is contained within the dataroom outlining the potential basis of sale.

Ground Conditions

A full intrusive site investigation report is available for interested parties to satisfy themselves as to ground conditions prior to entering a purchase contract.

Services

It is understood that all mains services are available to the property. A utility report is available as part of the Information Pack. Interested parties are to make their own enquiries and satisfy themselves before entering a contract to purchase.

Tenure

The site is held freehold. Land registry details are available for consideration within the dataroom. Proposals are being sought on the basis of the existing pre-sales as well as conditional upon an unencumbered title being available on completion of the site disposal.