Our property management team have reported that Insignia, our 90 apartment development in Old Trafford, has set a new record high within the local area with a rent of £1,300pcm for a 2 bed. This reflects the continuation of rents increasing in the city and is a 13% increase on the previous rent for the same apartment, producing well above average yields for our investor in this property! Completed in 2021, Insignia is the second phase of our three phase development of residential apartments on Talbot Road, with the third phase due to start works in the new year. Since completion, like the first phase – Kinetic, Insignia has consistently operated at full occupancy, demonstrating the demand for high quality living space in the area.
Osborne Yard has been a hive of activity over the past quarter, with demolition works underway, leveling the existing structures on the plot and clearing the site. Over the coming quarter the foundation works will commence, starting with a reduced level dig of 1 meter and creating the piling mat ready for piling works to commence. The scheme will deliver 85 apartments and 5 3-bed townhouses, along with private, gated parking for residents.
Royal Canal Works
Royal Canal Works has seen a heavy focus on the internal works over the past quarter, with first fix mechanical and electrical now complete. Plaster boarding has continued across the 40 apartments, ready for the plastering to commence in quarter 4. Externally, progress has continued on the window installation with 80% now installed. The apartments are due to complete early in the new year, with works on the townhouses to start over the next couple of months.
SONA edges closer to completion, with the kitchens installed and the flooring now being laid. The first apartments will be ready for inspection and sign off towards the end of the year. During Q4, the scaffolding will start to come down in stages as well as the internal crane being removed, freeing up works to progress on the 1st floor. The fit out of the amenity space will be taking place in the new year, with completion of the project expected in Spring 2024.
SONA will then be handed over to our Property Management team, who will tenant and run the property.
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The Greater Manchester Combined Authority has announced that its long-term plan, Places for Everyone, has moved into its next phase. Insider Media.
Rightmove published its July House Price Index report, Rightmove.