Build to rent experts Packaged Living has selected JRL-owned main contractor Midgard to deliver £70m The Castings private rental tower, 352 flats in the developing Piccadilly East area of Manchester. ‘The Castings’ project includes four stepped building components rising to 25 storeys with smaller elements at 7, 14 and 20 storeys. It is projected to take 32-months and will be built on a single acre site on Heyrod Street near to the planned HS2 station. The scheme was designed by architect CallisonRTKL, in partnership with Arcadis, M&E engineer Crookes Walker and Curtins.
The Castings private rental tower will consist a mix of studio, one-, two-, and three-bedroom apartments. Also included will be a 10,000 sq ft of retail and amenity space, car park and a public square.
Midgard, a company based in Hertfordshire will soon start site clearance of two low-rise brick warehouses after the approval of its demolition plan.
Read also:Cfield’s Maldron Hotel in London Shoreditch underway.
UK rental market.
Mark Woodrow, the joint managing director of Packaged Living uttered: “The Castings is the next amazing BTR project in the pipeline, which is now constructing over 3,000 homes for the multi-family sector in the UK. “The £70m private rental tower represents a good opportunity to create next-generation homes delivered by an experienced team, at a time where important investment is needed into the city centres.”
Renters make up around one-fifth of the UK households, with most of these homes run by private landlords. Last year was very harsh to homeowners and tenants alike, as well as much messing the property industry. Regardless of properties being cheaper in the North East of England, buyers in Wales and Scotland could get better returns on their BTL investment. The pent-up needs for homes during the initial lockdown in UK, and also the stamp duty holiday and other contributing influences has led house prices in the UK to reach record highs. This has not brought a distinct rise in rents, however, which could mean a lower yield in 2021 than in previous years.
