Exposed redbrick walls, steel columns, wooden floors and bright, open spaces designed by Terence Conran: this is the transformation that has taken place inside a former Victorian cotton warehouse in central Manchester's Northern Quarter. The ultra-modern loft apartments are definitely more New York than "grim up North". They are mostly open-plan, with wall-length and top of the range fixtures and fittings.
The 10 penthouse units in the scheme, called Number 25 Church Street, have just been released on to the market. The Victorian block is considered one of the most architecturally significant buildings in central Manchester. The six-storey redbrick exterior was restored and a further two storeys that now house the penthouse units were added.
Located just around the corner from the Arndale Centre in Manchester's main retail axis, the central location should prove a big selling factor, and provides for great cityscape views from the penthouse terraces.
The 78 one-bedroom and two-bedroom apartments on the first six floors have all been sold, so much interest is expected in the penthouse apartments with prices starting from £250,000 sterling.
This development was designed by Conran & Partners, Terence Conran's architecture and design practice, with City Loft Developments, which has been involved in similar projects in Newcastle, Brighton, Leeds and Reading.
SimplyMortgages is the Irish agent for this development, and will also be involved in future projects, with at least three developments in the pipeline for the immediate future in both Manchester and other UK cities.
Construction on a further residential development is under way at an adjacent site by the same developers. It's boom time for this northern city. Traditionally an industrial city, the majority of developments in Manchester took place in the sprawling suburbs but the focus has switched back to the city centre.
A massive transformation and urban renewal project is under way with the aim of putting the residential heart back into the city and some £600 million is being pumped into the area around Church Street. Manchester is being pegged as the next "Dublin", both in terms of inner city renewal and property market growth.
Space is probably the greatest luxury, says Sir Terence Conran, and so it is with 25 Church Street. Indeed, both space and light have been maximised in this city centre location. The 10 penthouses for sale range in size from a 986 sq ft unit at £249,500 to a 1,713 sq ft apartment at £395,000. There are two duplex units, with bedrooms on the seventh floor and living space on the top floor, with dual access to both areas.
The standard of finishings is high. In keeping with the former warehouse use, the apartments have high ceilings, oak flooring in living areas, hallways and dining areas. Glass walls with solid core veneered doors with steel fittings divide the hallway from the living area.
Exposed redbrick and full glass walls provide the backdrop to much of the open-plan living space. White tiles and stainless steel dominate the kitchen area. All appliances are by Neff, and include dishwasher and washer dryer.
The Conran-designed bathrooms have Philippe Starck fittings and accessories. Bedrooms have Berber carpets and half-wall length windows, with the main bedroom en suite. A health club is located on the ground and basement floors.
Manchester letting agents Julie Twist Properties forecast an average monthly rent of between £1,550 to £1,950 sterling for the units. Dublin based agents SimplyMortgage are targeting the investor market and predicting rental yields of approximately 6 per cent. Current rental yields in Dublin for similar priced developments average around 3 to 4 per cent. Even allowing for the sterling differential, British residential property is considered a good investment as the rental market is much more developed. Stamp duty is at 1 per cent, compared with the Irish rate of 9 per cent and the further 2 per cent property ownership tax now applying to investment properties.
