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A closer look through the ‘quay’ hole
September 8, 2015Article by Clare Moorhouse
In response to the incredible demand for units at Custom Quay in Salford, which is now almost sold out, we thought it would be a timely opportunity to take a closer look through the ‘quay’ hole to find out a little bit more about the regeneration of Salford Quays and why the area has become one of the most sought-after rental locations in the Manchester area.
Salford Quays is one of the earliest, largest and most successful urban regeneration projects in the UK. The docks were first opened in 1894 by Queen Victoria and became Britain’s third largest port. In 1982 The Manchester Docks were purchased by Salford City Council in an attempt to regenerate the area and provide a development plan that would bring investor confidence across both public and private sectors.
This visionary masterplan sought to create a new quarter for the city with a unique character derived from the way in which all parts of the development were related to water and where people would be encouraged to work, live and play in a high quality environment.
Turning the tide for Salford Quays
Manchester is rightfully known as the ‘regeneration capital of Europe’ and as 17,800 homes have been granted planning permission in Salford in the last five years, Salford Quays has been dubbed one of the country’s ‘key growth areas’.
Salford Mayor Ian Steward commented: “Salford is booming. It is the fastest growing population and economy outside London, with growth of 8pc over the next five to ten years – comparable with China’s growth levels.”
What was once an important dock for ships transporting goods as far as Canada, is now a popular and attractive waterside destination for residents and tourists alike. While ocean-going ships are no longer a familiar sight in the harbour, smaller boats regularly take visitors to and from Manchester, and during the season downstream to Liverpool. Waterbus facilities also provide tourist trips around Salford Quays and along the River Irwell.
Salford Quays is now home to major media organisations, including the BBC and ITV, making it a thriving hub for young creatives and professionals who want luxury living close to their place of work. It’s also become a rejuvenated cultural centre, with the Imperial War Museum and The Lowry drawing much attention from tourists.
Through the ‘quay’ hole
Custom Quay, the former HMRC building, which sits alongside the Metrolink track between Salford Quays and Anchorage, is made of two connected buildings covering 43,363 sq. ft. across six storeys. The change of use from commercial to residential required a reinvention of the building’s aesthetics to soften the exterior and provide a striking, modern residential feel internally.
The curved, glass fronted building will provide accommodation for 60 one and two bedroom properties (due for completion in Spring 2016), which benefit from a unique roof terrace with panoramic 360 degree views, a private gated car park and landscaped gardens.
Ray Withers, CEO of Property Frontiers comments: “Custom Quay has been extremely popular as a buy-to-let investment. The regeneration of the area has attracted an influx of young professionals into the area looking to rent high quality luxury apartments. Rising rents in the area and yields of up to 8.4% are a strong pull for domestic and international property investors.”
For more information or to find out how to secure one of the last remaining units at Custom Quay call +44 1865 202 700.