Property firm snaps up Ancoats apartments in £20m deal

Craigleith Property Group is set to acquire the bulk of apartments at The Loom development in Manchester.

Working for one of its investment partners, the company secured 89 of the 101 units at the scheme, which is being delivered by Manchester property business Artisan Investment Group (AIG).

The deal, worth around £20m, will see AIG retain the remaining 12 apartments.

The Loom will complete AIG’s residential and commercial Vulcan Mill development on Pollard Street in the Ancoats area, providing a mix of one- and two-bedroom apartments for rent.

Residents at the scheme will have access to underground parking facilities and a concierge service.

Craigleith’s Manchester-based director, Geoff Willis, said: “We always aim to seek out exceptional off-market opportunities for our clients and because of our company structure we are able to make decisions and act quickly.

“The Loom ticks all the boxes for use - an established developer, excellent location, just 100 yards from a Metrolink stop and ten minutes walk from the city centre and a high-quality product perfect for young professionals.”

He added: “It is good to see work progressing on schedule here and we are actively looking for more opportunities in Manchester, Liverpool, Leeds and Birmingham.”

The managing director of Artisan Investment Group, Moya Ball, commented: “The Loom is the final piece of the jigsaw at Vulcan Mill and this investment shows confidence not just in the quality of the new homes we are building but the location and continued economic growth of Manchester.

“We are on site and on track for the building to complete in Q1 2019.” Russells Construction are the contractors.”

Craigleith Property Group has offices in Manchester and Edinburgh.

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