Acting on behalf of Outwood Developments 2 Limited, CBRE’s UK Development and Residential Capital Markets team in Manchester has been appointed to bring to market Outwood Wharf Phase II, a large-scale Salford City Centre residential development opportunity located on Oldfield Road in a significantly revitalised area of Salford.
The site extends to approximately 0.8 acres and is located on Chapel Street, close to Manchester City Centre. Planning permission has been granted for the development of 296 apartments and townhouses over three connected blocks of 8, 10 and 23 storeys with circa 4,000 sq ft of commercial space at ground floor level. The new development is an extension of Outwood Wharf Phase I, which comprised 263 residential units and was sold to Invesco Real Estate.
The scheme is adjacent to the University of Salford and Salford City Council’s new £800m Crescent Masterplan Joint Venture which extends to 240-acres and is set to deliver five separate areas containing new homes, independent cafes and restaurants, a state-of-the-art education facility and a new ‘Health Village’ providing health, science and technology research facilities and improved GP practices.
The site is well positioned in an area of both employment and high-quality residential use with Outwood Wharf Phase I forming the Western boundary, with the A6 (Crescent) to the north. Following a period of significant regeneration in Salford, a number of notable schemes are present within the area including Middlewood Locks, New Bailey and Vimto Gardens.
Manchester City Centre is approximately 0.5 miles from the site, with New Bailey and Spinningfields a 6-8 minute walk away. The site’s main arterial route is accessed via the M60 located 5 miles away, accessible via the M602. Salford Central Railway Station is located approximately 0.5 miles away.
John Dunlop, Director, CBRE’s UK Development & Residential team said;
“We are delighted to bring to market Outwood Wharf Phase II, a significant residential development opportunity in Salford. The development benefits from detailed consent and represents an immediate opportunity to develop in a proven, yet still improving residential location.”