The £25 million scheme, from experienced developer X1, is located next to the Frederick Road Campus and named due to its immediate proximity to the University of Salford. It will comprise 271 studio apartments, 11 of which will be penthouses. Construction is set to begin in December 2016, with an expected completion date of August 2018.
Amenities for the 120,000 sq ft project will include a gym, a cinema, a quiet study area, laundry facilities, cycle storage and a roof terrace, alongside a landscaped courtyard. There will also be secure underground parking.
Andy Phillips, commercial director at Knight Knox, said: “Salford is growing in popularity as a student destination – and shrewd investors intrigued by its high yields are capitalising on this opportunity. X1 The Campus, being right in the heart of the student hub and having excellent transport links, presents the ideal proposition for landlords seeking a considerable return – both in terms of sustained rental income and the increase in value this property will experience over time.
“The city of Salford continues to thrive, driven in part by the success of Salford Quays and MediaCityUK – including the opportunities they present to students and graduates. We’re looking forward to seeing X1 The Campus come to life. This development will genuinely enhance future tenants’ university experience.”
X1 will act as the developer for the scheme, while construction will be carried out by Vermont. The scheme will be let and block managed by the award-winning X1 Lettings.
Melissa Green from X1 said: “All the studio apartments on offer in this stunning property have been designed with the tenant in mind. As such, they’re fitted out with modern fixtures and furnishings and really embody an aspirational, boutique style of living. What’s more, there’s all the on-site amenities students could wish for in an absolutely prime location.
“X1 The Campus is certain to be a hit with both investors and future tenants and we can’t wait to see it completed.”