Build-to-let schemes a key feature of Manchester construction boom
Manchester is one of the busiest cities in Europe for major construction projects and the major role residential building is playing is a key factor in this, Deloitte has said.
In its latest Crane Survey, the company looked at individual cities and noted that Manchester is enjoying the biggest boom in the country.
According to the Manchester Crane Survey 2018, the tally of buildings under construction in the central area of the city in 2017 - including parts of Salford just across the River Irwell - included 11,000 residential units in 41 different projects.
Compared with 2016, this represented a 60 per cent rise in the amount of residential property under construction. This will be a mix of build-to-rent properties, student lets and homes for sale as affordable or open market purchases.
The construction trend in the area is characterised in the main by the building of a number of high-rise residential buildings, with the most notable being two of what will eventually be four residential towers at Owen Street by Renaker Build. The taller of these, Tower A, will overtake the Beetham Tower as the tallest in Manchester as it nears completion this year.
Planning permission is also in place for an even taller residential skyscraper in an Allied London scheme in the St John's area of the city, although building work will not start on it until next year.
The Owen Street and St John's schemes will both have around 1,400 apartments when completed and their construction reflects the high demand for apartments in the city centre, both for rent and purchase. It means letting agencies can expect a busy time over the next few years as more properties arise.
Build-to-rent skyscraper projects include the Angel Gardens project on the northern fringe of the city centre, where 466 apartments will be built in a 35-storey tower.
Developer Moda Living has just announced that its sister firm Caddick will take over as the main construction partner, following the collapse of Carillion.