FreshStart Living has bought a derelict site on Ford Lane in Salford, Greater Manchester, which it intends to transform into a £12m student accommodation scheme.
The locally based developer bought the site, which comprises several buildings previously known as Ford Mill, from Premier Land for £480,000. It has been derelict since 2005.
It plans 364 en-suite rooms across an eight-storey tower and two six-storey buildings. FreshStart will target the buy-to-let market and says that 60 units have been reserved by investors.
The scheme will be FreshStart’s third student housing development. It is currently renovating Montgomery House in Manchester and Colonnade Hall in Bradford.
FreshStart plans to be on site in November, with completion expected in time for the 2013 academic year.
Stuart Cook, acquisitions manager at FreshStart Living, said: “We are rapidly expanding our portfolio of student accommodation. Student rentals have remained robust with a recorded yearly growth of five per cent over the past six years.
“It is an asset class that rarely becomes available to individual investors at such a low price point.”
daniel.cunningham@estatesgazette.com
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