The increase in demand for residential properties in Manchester is continuously on the rise, with more people than ever looking to live, work, and invest in the city. To meet this demand, there are several exciting ventures in development across the city, with the latest example to be completed coming in the form of the One Port Street building.
The project, built by Manchester-based Renaker, was recently completed, with its 33-storey structure providing 477-apartments. The structure was funded by Maslow Capital, with a massive £128 million investment. However, it has been revealed that the tower has sold out, generating £193 million in revenue and making a very profitable endeavour.
The building was designed by SimpsonHaugh Architects, and the living spaces are made up of one-, two-, and three-bedroom flats. The building also includes facilities for residents such as a swimming pool, an urban garden, a gym, and a seventh-floor lounge complete with a terrace.
The location of the property also acts as a strong selling point, located in the heart of the city next to the highly popular Northern Quarter.
Co-Founding Partner at SimpsonHaugh, Ian Simpson, states that ‘One Port Street presented an opportunity to elevate residential provisions in one of Manchester’s most characterful districts, creating a design that mediates between the Northern Quarter and the wider city.’
Simpson also went on to state that ‘our ambition was to create a building that respects and responds to the Northern Quarter’s rich industrial heritage. The result is an elegant landmark development that combines considered design, outstanding amenities, and enhanced public realm to form a welcoming and connected place to live, visit and enjoy.’
The building has been overseen by developers and investment partners Select Property, and the completion of this structure marks one of the developer’s largest projects to date.
Select Property’s Chief Executive, Adam Price, states ‘with its scale, One Port Street was an ambitious development for us, and it becomes our largest completed scheme. We were really impressed with the demand from the market for the apartments and the fact they sold out months before completion is evidence of that.’
Such a strong uptake on these properties demonstrates great things for property jobs in Manchester but is also indicative of good prospects for architecture jobs in Manchester too, as the city will need to continue to replicate similar projects to meet the ever-rising demand.
Price also went on to state that ‘as a global company we’re constantly having conversation with those looking to invest in Manchester. Without fail they talk about wanting to be part of the city’s future – a growing economy powered by exciting businesses and innovation, underpinned by well-paid, premium jobs.’
The completion of the One Port Street project assists in providing the desired, high-quality residential space in Manchester. With an increase in demand, it is likely we will continue to see these large-scale developments spring up in the city, which will have an interesting impact on Manchester’s architectural identity.