Potato Wharf: Affordable waterside living in thriving Manchester
Stylish apartments at buyer-friendly prices in the UK's second city.
Once the center of Britain's Industrial Revolution, Manchester is going through a residential revolution today.
Named the best city to live in the UK by The Economist Intelligence Unit’s Global Livability Survey, Manchester's population is predicted to grow from 54,000 to 80,000 in the next seven years, according to investment group Manchester Place.
The Northern Powerhouse, received 7 billion in funding in 2014 for infrastructural, transport and other development. People from diverse backgrounds are drawn to the northern powerhouse for its employment prospects, rich culture and lower home prices for prime inner-city property compared to other major markets such as London and Hong Kong.
Despite growing demand there is a massive shortfall of new residences planned for Manchester. Lendlease’s Potato Wharf development is one of few preparing to launch the third phase of their residential plan, with two new residences planned for Q4 2019. This new collection of exclusive apartments totals 191 one- and two-bedroom units in Castlefield, Central Manchester.
According to Lendlease, “Castlefield is a special place, combining an intimate village feel and iconic canal-side living with the excitement and convenience of a major city. It is packed with architectural heritage, fantastic culture and exceptional venues to eat and drink – all on the doorstep of Potato Wharf.” Lendlease remarked, the first and second residences have been very popular among local renters, remaining fully occupied and renting within a matter of days.
With one of the most active residential markets in the UK, Manchester offers exceptional opportunities for property investors. Research by Jones Lang LaSalle (JLL) predicts that capital growth in Manchester will be 28.2 percent from 2017 to 2021 – the biggest increase for any UK city. Rent values are also forecast to rise by 20.5 percent over the same period.
People who live in inner-city Manchester are more likely to rent. JLL found that among households within 1km of the Potato Wharf site, over half are private renters (51.7 percent) and 66.3 percent are young professionals – a prime rental demographic. The nearby University of Manchester also attracts a high proportion of international students in need of conveniently located rental accommodation.
Castlefield: Village life in the city
Potato Wharf is located in historic Castlefield, a relaxed waterside district that’s never lost its friendly village vibe, despite being just a stone’s throw away from the bustling city center.
The local area is a pedestrian haven of cafes, art galleries and green spaces. It's just a 15-minute walk to Manchester's major department stores, including Harvey Nichols and Selfridges, Deansgate-Castlefield station is also close by, which puts you just 11 minutes from Manchester Piccadilly station for intercity travel across the country. A 20-minute walk will take you to Manchester Oxford Road station for connections to Manchester Airport.
Castlefield has played an important role throughout Manchester's history, and many of its historic buildings and waterways remain. The area was named the UK's first Urban Heritage Park in 1982, and new constructions such as Potato Wharf are designed with care to complement the surrounding architecture.
Potato Wharf: Stylish canalside apartments
Designed by Weedon Architects with urban-themed interiors by Tegerdine Associates, Potato Wharf exudes contemporary style while paying tribute to Castlefield's Victorian industrial heritage.
Most of the apartments have large windows and a balcony or terrace to make the most of the views over the surrounding canals, public gardens and communal green spaces. The apartments also feature luxury flooring and work surfaces, integrated appliances and underfloor heating.
Lendlease the leading international property company developing the Potato Wharf site, has a previous trackrecord of overseeing some of the largest urban regeneration schemes in the UK and elsewhere. Richard Cook, Head of Residential at Lendlease, said: “We are thrilled to be returning to Manchester with our Potato Wharf development, providing residents with a rare opportunity to buy high-quality new build homes in a central city location.”