Realstar, a leading international property company, has invested into a £30 million Manchester city centre development, with the launch of a unique new residential rental brand, UNCLE. The investment comes as RICS reports that rents in the city are predicted to increase by around 25% in the next year.
The company’s new venture will create 171 studio and one-bedroom apartments in grade II listed Orient House on Granby Row, transforming it into UNCLE Manchester. The building will also house a gym, art studio and co-working space, which will all be free to use by residents, as well as live-on-site resident managers.
Ryan Prince, founder of UNCLE and principalof the Realstar Group, said: “With ongoing conversations about the Northern Powerhouse, Manchester is going from strength to strength. With the city being such a desirable place to live and work, there is strong rental demand from young professionals looking for a more tailored or lifestyle orientated service offering. We’re soexcited to launch our inaugural UNCLE development in Manchester City Centre.”
UNCLE is owned by an affiliate of the RealstarGroup, a privately owned real estate investment and property management business, which came to the UK from Canada in 2002. The company acquired the 120,000square foot site in Manchester City Centre in March 2016.
The new rental brand promises to put residents first by turning the idea of a traditional landlord on its head. In a shift from the standard model, UNCLE will own and manage the entire building, enabling them to cut fees associated with lettings, offer flexible tenancies and fast track repairs.
Ryan Prince added: “By owning the whole building, not just a flat here and there, we have economies of scale which allow us to offer ‘one stop shopping’ for customers – we conduct the viewings, fix routine repairs, take parcels – and anything else that helps. This means we’re completely consumer focused, offering a truly different experience when it comes to renting, rather than having lots of different people involved in the chain. We want to be the landlord that’s got your back.”
Realstar owns and manages in excess of $6 billion of assets. In Canada, it is one of the country’s most respected residential landlords with over 25,000 apartments across the country.
Following its launch in Manchester, UNCLE will also be rebranding its two existing Realstardevelopments in London and will be completing construction of a third, with a total of 1,000 apartments across the two cities.
