Urban Splash completes off-market acquisition at New Islington
Award winning regeneration company Urban Splash has acquired a site on corner of Lampwick Lane and Old Mill Street at New Islington in Manchester, completing an off-market deal with a private vendor.
Urban Splash will explore a residential development for the site, creating new homes for sale or rent.
The site stands on familiar territory for Urban Splash; the company has spent 20 years working in collaboration with Manchester City Council and other partners totransform the former Cardroom Estate into New Islington, creating new homes – one third of them affordable – workspaces, a park, the New Islington Free School, marina, cafes and bars. The newly-acquired land is at the north eastern end of New Islington – adjacent to Stubbs Mill, a building which Urban Splash transformed into workspace and is now fully let to Fanatics. Director Nathan Cornish explained: “New Islington is an important part of the Urban Splash story – a place in which we’ve helped deliver a new vibrant community for Manchester.
“This site is a natural purchase for us and an opportunity to create more new homes for the area. We look forward to exploring our options here.”
The news comes amidst a run of acquisitions for Urban Splash which has in invested in 25 new sites for its own operations and associated businesses in the past five years. Recent purchases include the Urban Splash Residential Fund’s acquisition of Derwent House in Birmingham, where the entire block of 40 homes is now available to rent.
Nathan concluded: “We are active in the market, using our own equity without bank debt. We take pride in being good buyers, completing on time and as quickly as vendors require; we hope to find more opportunities as we move forward with our regeneration work across the country.”
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