UK: Legal & General has put its Slate Yard development in Manchester’s New Bailey on the market, with a guide price of £110 million.
The asset, which was completed in phases between 2017 and 2020, comprises 424 apartments across three buildings.
Apartments at The Slate Yard, which is located on the northern bank of the River Irwell, range from one to three bedrooms. The on-site amenity provision includes a gym, residents’ lounge, coworking spaces and 24/7 concierge services.
Dan Batterton, head of residential in Legal & General’s asset management division, said: “The Slate Yard is an award-winning scheme, forming a key part of the New Bailey regeneration area in Manchester. Having launched our build-to-rent strategy in 2016, the Slate Yard marked our first BTR investment; we have since deployed over £3bn of institutional capital into the sector and expanded our portfolio to 24 schemes across 13 cities – we’ve been on a rapid trajectory of growth and look forward to continuing with this as precedent.
“Given the successful delivery of The Slate Yard, we are now in a position to bring the asset to market and identify new opportunities for investment. We look forward to re-deploying this capital back into the sector, as we continue to underpin L&G’s commitment to unlocking more homes across the UK,” he added.
Lloyd Wraith, partner in the residential investment team at Knight Frank, which has been appointed to market the asset, said: “The Slate Yard is one of the finest BTR schemes within Manchester, occupying an unrivalled position within the city. The scheme has a broad and deep appeal to residents resulting in incredibly strong occupational performance. Access to stabilised investments of this quality and scale is limited and we are excited to bring this exceptional residential investment opportunity to market.”
