The announcement comes following the success of nearby sold out scheme Bridgewater Point, 134 apartments based on Ordsall Lane.
Located on Woden Street, just a stone’s throw from Manchester city centre and the bustling MediaCityUK, the new development will comprise 53 apartments, with completion expected in the first quarter of 2017.
Amenities include secure underground parking, a concierge service and a communal roof terrace. The £7.5 million scheme will be let by Fortis Lettings and Management and managed by Fortis Estate Management.
Andy Phillips, commercial director at Knight Knox, said: “Following the initial success of Bridgewater Point, I’ve no doubt that Bridgewater Gate will prove to be another hugely popular Fortis scheme and one that will help to satisfy the increasing demand of the buy-to-let investor market.
“Thanks to its impressive average buy-to-let income yield, Salford has quickly become a hugely popular destination when it comes to investing in residential property. The region’s continued investment in local amenities and job creation is an attractive proposition and leads to increased rental demand.”
The launch of Bridgewater Gate comes soon after the Phase 2 launch of another Fortis-led development– Adelphi Wharf. The £75 million scheme is based on Adelphi Street on the bank of the River Irwell, within walking distance of Manchester city centre. It will comprise 593 apartments and townhouses; with Phase 1 due to be completed in Q2 2017 and Phases 2 and 3 in Q4 2017.
Director of Fortis, Kieran Moore, said: “I am delighted to announce the launch of Bridgewater Gate to build on the recent success of nearby Bridgewater Point.
This is the third project Fortis Developments has launched in Salford. We are confident Bridgewater Gate will follow the sales success of Adelphi Wharf and Bridgewater Point, which emphasises the confidence investors have in the city.”