Work has completed on the first phase of refurbishment at one of Manchester’s most iconic residential schemes.
Skyline 2 was one of the first build to rent schemes in the city and is the only one of its type with a swimming pool and gym on the upper floors. The 19-storey block was acquired by L1 Property in November last year. Improvement work started in May and has been carried out by property management firm Resify, which specialises in transforming undervalued schemes.
Work to date has included the refurbishment of 30 apartments which will be managed by Resify on a flexible lettings basis. Working with Skyline’s main lettings management firm Leaders, Resify has also carried out a full refit of five apartments, with the remaining 124 units to be refitted on a rolling basis as they become vacant. Resify will also carry out an extensive upgrade to the communal areas in early 2022.
Occupancy levels in the completed apartments now stand at over 95% – up from 60% at the start of the year.
Built in 2008, Skyline 2 is a fully-furnished apartment block on Goulden Street on the edge of the Northern Quarter and just ten minutes’ walk from Manchester Victoria railway station.
Resify is led by Obi Williams, who has over ten years’ experience in the industry and previously ran property management company, ZO, in partnership with Premier League footballer Wilfried Zaha. The company has developed a ‘360-degree’ approach to transforming undervalued schemes which includes cost-effective makeovers, a flexible lettings policy, pro-active management style and investment in technology. Since its launch in July 2020, it has undertaken repositioning and refurbishment projects in eight UK cities.
Obi Williams says: “Skyline 2 is an iconic building in a great location with fabulous views over the city. However L1 Property recognised that the apartments would benefit from a makeover. The refurbishment has brought the buzz back to the building and, working in close collaboration with Leaders, has helped increase occupancy levels to almost full capacity.
“This project demonstrates the impact that a successful refurbishment can have and, from the point of view of investors, shows there is plenty of value to be achieved in existing schemes rather than solely focusing on new build.”
L1 Property, which is the UK property investment arm of fund manager L1 Capital, invests in existing and modern residential property with potential for capital growth in major UK cities outside London. It seeks to add value by bringing capital to underinvested assets.
James Anderson of L1 Property says: “Resify are a trusted partner, with whom we have a great relationship and have worked with across numerous L1 properties. Their hard work at Skyline has created a new feel and helped deliver on our original business plan. At L1, we have always been impressed with Resify’s ability to deliver high quality refurbishments within short turnaround times. We look forward to continuing our partnership across the remainder of Skyline and other sites.”