Monthly Archives

July 2013

Greengate Regeneration Gathers Momentum

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Greengate Regeneration Gathers Momentum

Salford’s rebirth continues to gather pace with the news almost 500 apartments could be developed in a series of residential towers as part of the major Greengate Quarter regeneration plan.

Greengate is shaping up to be one of the most significant new development areas in Manchester and Salford and sits on a highly strategic location on the ‘invisible border’ of the two cities.

According to official council figures, the redevelopment strategy is set to generate up to £450 million of private investment and create 5,200 jobs.

Portergate’s acclaimed new £7 million Riverside House, a hotel-class luxury student residence, sits neatly into this revamp vision.

Work is well-advanced on Riverside House, which is on course to open its doors in September, and is attracting widespread interest from UK and overseas students.

The landmark building sits next to Broughton Bridge, which crosses the River Irwell just half a mile up river from the newly transformed Chapel Street new city highway.

The site of Riverside House was chosen by Portergate as strategically close to the University of Salford campus, but also within easy reach of Manchester city centre, whether by car or bus along Blackfriars Road or a short stroll along the revamped River Irwell footpath.

Now, according to the respected business news website Northwest Insider, plans have been submitted to Salford City Council by Pinnacle Developments (NW) to construct four apartment buildings in two blocks as part of the regeneration vision.

They would range from 12 to 31 storeys and also include 5,845 sq ft of commercial space on land off Gorton Street, near Manchester Victoria rail station.

Greengate was first adopted by the council in 2007. The idea is to connect strategically important 32-acre area of Salford to Manchester, over the Irwell, creating a major new gateway.

Salford-based OMI Architects has designed this latest plan which, according to Insider, contains plans for 497 one, two and three-bedroom apartments, townhouses and garden apartments with 256 vehicle and 200 cycle spaces.

 

Student accommodation: A resilient and stable investment

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Student accommodation: A resilient and stable investment

Student housing continues to perform well for investors with higher yields than both residential and commercial property, according to the latest research by experts at estate agency Savills.

Its analysis of the market includes major pointers for would-be investors looking to tap into the student accommodation sector, where growth is expected to continue.

The property expert’s July 2013 report reveals the student housing market has “proven a resilient and stable investment” during the downturn.

Following the yield compression of the early to mid 2000s, average yields hit 5.75% in 2007, rose to 6.4% in 2009 and were 6.3% in 2012.

Savills’ research also looks at potential supply and demand for the coming year – and highlights the growing importance of overseas students, particularly from the Far East.

Its report says: “With the increase in tuition fees up to a maximum of £9,000 per annum for the 2012-13 academic year, university applications fell by 6.7% on the previous year but have recovered slightly (2.7%) for the 2013-14 year.

“However, demand from outside of Europe has continued to grow during this period, particularly from the Far East, which has seen average annual growth of 8.5% over the last six years.

“In terms of actual demand, the growth in student numbers at individual institutions is arguably the most important component, although it is also important to understand the demographic profile including if they are domestic or international and whether they are likely to form demand for bespoke student accommodation.

“The overall 0.4% fall in domestic student numbers between 2010-11 and 2011-12 was counterbalanced by a 1.7% increase in international students.”

Commenting on the report, Marcus Roberts, Savills head of student investment, said: “‘The provision of good quality, well managed accommodation is key to an institution’s ability to attract top class students.”

Earlier this year property expert Knight Frank released its forecast for the UK’s student accommodation sector. It predicted a 9.2% average blended investment return over the next 12 months.

James Pullan, head of Knight Frank Student Accommodation, said: “Student property is one of the most successful real estate asset classes, thanks to stability of demand for student bedrooms from all over the UK. The market is still structurally undersupplied in all core university cities.”

Portergate’s new luxury Riverside House hotel-class luxury student residence is within walking distance of the University of Salford, which each year attracts more than 3,000 international students from over 100 nations around the globe.

 

Luxury student residence in Salford ready to open on time

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Luxury student residence in Salford ready to open on time

Riverside House, the hotel-class luxury student residence in Salford, is on time and ready to open its doors to the first student residents in September 2013.

Each of the 242 en suite bedrooms in the riverfront building are being completed and furnished to the highest standard in the student accommodation sector by Portergate Property Management.

Portergate has more than 500 student rooms across the North West with planning consent and under construction and has entrusted the Salford construction project to award-winning building firm, Construction Partnership UK.

The landmark building, on Blackfriars Road close to the University of Salford, can now be seen in all its glory as the scaffolding has been removed and finishing touches put to the external faced and windows.

Riverside House is situated on the south bank of the River Irwell less than a mile from the heart of Manchester and the University of Salford campus.

External elevations trimmedSecurity and a higher than usual level of specification are major factors in the appeal of Riverside House to both UK and international students.

A bedroom, kitchen and living area has been turned into a showcase for the luxury design, fittings and furniture on offer, which will appeal to students and parents looking for the best accommodation in Salford.

Anthony Jackson, the chairman of Portergate, has worked in the property sector for 35 years both in the UK and internationally. He said: “Too many students are still in private accommodation that is not fit for purpose.

“We are finding they – and their parents – are looking for something better and with tuition fees at around £9,000 parents are definitely having more of a say in where and how they live.

“The Riverside House accommodation will also prove attractive to post-graduates and apprentices, the hope being that they will stay in the area and continue to play their part in developing the local economy.”

Bookings are being taken for the academic year 2013-14 and viewings can now be arranged with the Portergate management team.

Alternatively, for prospective international students, a full prospectus is available detailing the quality of the accommodation on offer, plus availability.

For more information please email: info@portergatepropertymanagement.com