Livingway snaps up Upperbanks development for BTR

Acquired from Rochdale Borough Council, Livingway snaps up Upperbanks for a Build to Rent development, as the scheme nears completion.

Upperbanks, Rochdale. Livingway has acquired the development from Rochdale Borough Council for Build to Rent | BTR News
Drone view of Upperbanks, Rochdale. Livingway has acquired the development from Rochdale Borough Council for Build to Rent.

Upperbanks, a new high quality apartment development in Rochdale town centre, has been acquired from Rochdale Borough Council, by Manchester-based Build to Rent operator, Livingway. CBRE advised Rochdale Borough Council on the deal. The council and Willmott Dixon are delivering the development.

“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.”

Anthony Dillon, Managing Director of Willmott Dixon in the north

Livingway – who specialises in high quality urban lifestyle properties across the north of England – will manage and operate Upperbanks, which is expected to complete in August 2023. The scheme will deliver 242 Build to Rent homes – a mix of studio, one and two bedroom apartments, all with balconies. Homes are set across two nine-storey apartment buildings.

“Rochdale is a prime example of a Greater Manchester satellite town, which has all of the ingredients to support 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 Upperbanks building and provide them with the full Livingway rental experience.”

Samantha Hay, CEO, Livingway
Upperbanks Build to Rent scheme in Rochdale town centre | BTR News
Upperbanks Build to Rent scheme in Rochdale town centre.

The wider scheme – which includes a 146 room Hampton by Hilton Hotel – is being delivered by the Rochdale Development Agency on behalf of Rochdale Borough Council, and is expected to complete in autumn. Together, the Build to Rent scheme and hotel have transformed the former derelict brownfield site in the heart of the town centre, and complements the wider area, which also includes the Rochdale Riverside shopping and leisure complex.

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

“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 ten 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.”

Councillor Danny Meredith, Cabinet Member for Regeneration and Housing, Rochdale Borough Council

In recent years, Rochdale town centre has undergone a £400m transformation. This includes the Rochdale Riverside development, a new transport interchange and Metrolink, and the opening of the River Roch – the town’s Grade I listed town hall which will reopen later in 2023, following a multi-million pound makeover, funded by the council and the National Lottery Heritage Fund.