Town centre apartments snapped up by operator as scheme nears completion

Posted by on 7 Jul 2023

Upperbanks, the new high quality apartment complex in Rochdale town centre, has been acquired by Manchester-based operator, Livingway.

Livingway, which specialises in high quality urban lifestyle properties across the north of England, will manage and operate the complex, after agreeing to purchase the development from Rochdale Borough Council, with CBRE advising the council on the deal.

The development comprises 242 studio, one bed and two bed apartments, all with balconies, housed in two nine-storey apartment blocks. It also includes a tenant amenity area and working space. The apartments, which will be available for private rent, are expected to be complete in August this year.

The wider scheme, which is being delivered by RDA on behalf of Rochdale Borough Council, also features a 146 room Hampton by Hilton Hotel, which is expected to open in the autumn.
Together, the apartments and hotel have transformed a former derelict brownfield site in the heart of Rochdale town centre and complement the wider area, which also features the Rochdale Riverside shopping and leisure complex.

Councillor Danny Meredith, Cabinet Member for regeneration and housing at Rochdale Borough Council, said: “Livingway’s purchase is a reflection of the quality of the development and demonstrates the demand for high quality private rented accommodation in Rochdale town centre.

“Their offer shows that external investors see Rochdale town centre as an attractive proposition, reflecting the scale of investment undertaken by the council over the past 10 years.
“I look forward to continuing to work with other developers, housing management companies, including registered providers, and residents to continue to provide housing within our town centre area.”
Samantha Hay, Livingway’s CEO, said: “Rochdale is a prime example of a Greater Manchester satellite town which has all of the ingredients to support a high-quality build-to-rent accommodation.

“The council has done an amazing job with the overall regeneration of the town centre, including the adjoining Rochdale Riverside retail and leisure scheme, which means that the town has become an institutionally investable location. Their vision and mission with Upperbanks totally matches the Livingway model, focussing on high-quality accommodation, regeneration areas, and social impact.

“In terms of geography, connectivity and ambition, Rochdale is perfectly positioned to use the general growth of Greater Manchester as a springboard to enhance the borough by having a full live, work, play offering.”

“The council, alongside Willmott Dixon, has created a great scheme, and we can’t wait to welcome residents to the building and provide them with the full Livingway rental experience.”

Anthony Dillon, Managing Director of Willmott Dixon in the north, said: “Livingway’s purchase shows just what a good project this is. We’re delighted to be involved in bringing nearly 250 high quality apartments to the heart of Rochdale.”

The Upperbanks scheme has attracted more than £20m of external funding, with over £17m from the government’s Future High Streets Fund and over £3m from the GMCA Brownfield Development Fund.

Rochdale town centre has undergone a £400 million transformation in recent years. As well as the Rochdale Riverside development, Rochdale has benefitted from a new transport interchange and Metrolink, and the opening of the River Roch. The town’s Grade I listed town hall will reopen later in 2023 after a multi-million pound makeover, funded by the council and the National Lottery Heritage Fund.

Anyone who would like to find out more, can contact Livingway on 0161 711 1222 or email team@livingway.co.uk