Packaged Living and CDL complete The Castings BTR

In August 2021, Packaged Living and CDLHT agreed a £73.3m forward-funding deal for the scheme.

Packaged Living and CDLHT have reached practical completion of The Castings development in Manchester | BTR News
Packaged Living and CDLHT have reached practical completion of The Castings development in Manchester.

Sustainable living specialist Packaged Living and Asia-based hospitality trust CDL Hospitality Trusts (CDLHT) have announced that Manchester’s latest Build to Rent development The Castings has reached practical completion.

The Castings comprises 352 Build to Rent units in a mix of one-, two-, and three-bedroom apartments and ground floor commercial space across three units. Packaged Living and CDLHT launched the scheme earlier this year, with residents expected to move in this summer now completion has been reached.

The Castings Build to Rent scheme | BTR News
The Castings Build to Rent scheme.

Located within the Piccadilly East neighbourhood, the 0.7-acre site was originally purchased by Fiera Real Estate’s £600m value add series in January 2020. The development has used sustainable materials to reduce embodied carbon and focuses on residents’ wellbeing and active living.

“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.”

Ed Ellerington, Chief Executive Officer, Packaged Living

10,000 sq ft of internal and external residential amenities include a ground floor reception and lounge, a 21st floor roof terrace with views across Manchester, co-working space, 1:1 cycle storage facilities, and a new public square with flexible ground floor commercial spaces fronting onto the public realm.

Two-bedroom apartment at The Castings Build to Rent development in Manchester | CDL Hospitality Trusts | BTR News
Two-bedroom apartment at The Castings Build to Rent development in Manchester.

“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.”

Vincent Yeo, Chief Executive Officer of the managers, CDLHT

The Castings is situated 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.