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Downtown, Manchester’s latest apartment scheme, has secured more than £35 million in reservations, with more than 55% of the development now sold off-plan.
The McGoff Group, based in Altrincham, initially launched phase one of Downtown overseas, with events in Asia and the Middle East, at which all 160 apartments released for sale were sold.
Earlier this month, the company hosted a launch event in Manchester, at Cloud 23, releasing a select number of river-facing apartments in phase two. These apartments were also all sold on the night, which means the McGoff Group has secured forward sales of circa 200 apartments.
The Manhattan-inspired development, which is located on the banks of the River Irwell, will provide 368 one, two and three bedroom apartments, and feature a host of ‘hotel-style’ services, such as concierge in the lobby, gymnasium, spa, media room, business centre plus postal and storage rooms.
With the initial site clearance works already complete, full construction work is due to commence in February 2017.
The early success of Downtown is attributed to a number of factors. Chris McGoff, director at the McGoff Group, explains: “We wanted Downtown to be a contemporary and iconic landmark in the city, which is not only well placed and looks fantastic, but also features five star hotel services that meet the needs of Manchester’s ever increasingly aspirational rental market community. This has certainly been achieved both in its location on the banks of the River Irwell, but also in the individual apartment designs. For example, we have utilised sprinkler systems to omit traditional dead spaces within internal hallways and enable more habitable floor space to be created within the apartment shell.
“Furthermore, the host of hotel services will ensure our residents living, leisure and even work time is far more enjoyable with the enhanced concierge led environment, gym and onsite business centre being at the heart of the community’s ethos.
“As a group, we have a long-term investment in Downtown and have been involved in every aspect since day one; it is very much our scheme and we are proud of it. To date we alone identified and acquired the site, designed the development and managed the planning approval process. We will now undertake the build and once complete, the group will maintain the building and its services, ensuring the high standards remain.
“Every last detail has been considered, from Manchester’s diverse and dynamic economy, its infrastructure and the investment of the Northern Powerhouse, to the city’s cosmopolitan environment and world class leisure facilities. Manchester is arguably the best UK city in which to live, and with this in mind, we decided the best route to market was to secure forward sales, initially from overseas due to the weak pound, which has worked well and significantly de-risked the development. Foreign investors and ex-pats have been taking advantage of the falling pound, which is at a six year low, and investing wisely in Manchester’s rental market.”
Due to unprecedented demand, the McGoff Group has now released the final apartments at Downtown, with prices ranging from £150,000 up to £300,000, and forecasts a completion of sales in the second quarter of 2017, well ahead of schedule.
The McGoff Group will continue to work with Alliance Property Group (Alliance), whose sales arm managed the successful launch of Downtown overseas.