Packaged Living and CDL Hospitality Trusts’ Manchester BTR development reaches practical completion

Packaged Living, the UK’s leading sustainable living specialist, and CDL Hospitality Trusts (“CDLHT”), one of Asia’s leading hospitality trusts, are delighted to announce that Manchester’s latest purpose-built BTR development, The Castings, has reached Practical Completion.

In August 2021, Packaged Living and CDLHT agreed a £73.3 million forward-funding deal for this exciting new scheme, located within the Piccadilly East neighbourhood, offering 352 BTR units arranged as one, two and three-bedroom apartments as well as ground floor commercial space across three units.

The 0.7-acre site was originally purchased by Fiera Real Estate’s £600 million value add series in January 2020.

The development has used sustainable materials to reduce embodied carbon and focuses on residents’ wellbeing and active living. Residents at The Castings will benefit from more than 10,000 sq ft of internal and external amenity space, ranging from a ground floor reception and lounge, to a 21^st floor roof terrace with views across Manchester.  The scheme also offers a co-working space, 1:1 cycle storage facilities, a new public square with flexible ground floor commercial spaces fronting onto the public realm.

The Castings is situated in the perfect place for living and culture, whilst being easily accessible with it being within approximately 500 metres from Manchester Piccadilly train station.  The development forms part of the regeneration and growth project for the Piccadilly area and is emerging as one of the most sought after places to live in Manchester.

Ed Ellerington, Chief Executive Officer of Packaged Living, commented: “Being funded and commenced by a new entrant to the UK living sector in the midst of the pandemic, yet finished on time and budget is a testament to the PLL team, our investment partner CDLHT and our contractor Midgard.

The Castings is a fantastic showcase of what can be achieved when a proactive and supportive local authority works with a best-in-class developer and investment partner to achieve a significant regeneration of a redundant brownfield site.”

Vincent Yeo, Chief Executive Officer of the managers of CDLHT, commented: “We are delighted to celebrate the successful completion of The Castings, the result of the collaborative efforts of Packaged Living, CDLHT, Midgard and all stakeholders involved. This underscores the execution of our revised investment strategy to enhance income stability through diversification to lodging assets with longer length of stays. The Castings exemplifies our commitment to this strategy and we look forward to the positive impact the property will have on Manchester’s urban landscape and the communities it serves.”