The popularity of renting in Manchester city centre is showing no signs of slowing down, after two of three Tribe apartment blocks, the first Build to Rent scheme in the UK, were reserved within a month of launching.
Tribe benefited from a £7.9m Build To Rent loan from the Homes and Communities Agency (HCA), a scheme that offers finance for private rentals, which meet the need for good quality, large-scale developments.
The rental market in Manchester city centre is extremely buoyant with 90 per cent of all 128 flats in Tribe New Islington and Tribe East Quarter, rented out over the launch weekend of May 16 and 17.
The final block, Tribe Ancoats, will now launch on July 18 and 19 and is predicted to be just as successful.
Nigel Rawlings, of Tribe Apartments Limited, who led the project on the ground, said:
“The rental market in Manchester city centre is flourishing, with continued growth of the city centre rental community around Ancoats and New Islington.
“We always knew Tribe would be popular but even we were surprised by just how much. Residents have told us they like our apartments because they’re furnished to such a high standard, incorporating features such as fitted wardrobes and acrylic worktops and all for a realistic rent. All apartments are managed by one landlord and overseen by one point of contact – Plumlife, the Manchester based sales and letting arm of Great Places Housing Group.”
The three blocks, which make up Tribe, were formerly known as Chippenham, Saltford and Rodney Court and stood empty for over 15 years. They have now been fully refurbished leaving only the concrete frame from the original. Further development funds for Tribe were secured through institutional investments managed by Cabot Square Capital.
The tower blocks were redeveloped as part of a collaboration between Manchester City Council, Tribe Apartments Limited and Rowlinson Constructions. Leading Manchester-based architects, Pozzoni, led on design. Tribe’s reincarnation incorporates significant energy efficient measures, including a £1million biomass boiler funded by EdF Energy, designed to reduce carbon emissions and minimise energy bills.
A launch weekend for the final block, Tribe Ancoats, will take place in July. Details to be confirmed.