Nikal Special Projects are developing the building at the junction of Caxton Street and Chapel Street for Stockport-based property investment specialists Assetz.
The £850,000 project is set to be completed by this summer and the nine apartments it will deliver, including a two bedroom penthouse, will be available to Assetz’s clients.
Site clearance work started in October 2014 and contractors are now on site putting the first touches in place.
Chapel Street, which links to the University of Salford’s main campus and Salford Central train station, is currently undergoing a £10 million regeneration to give the area an enhanced community feel.
It will also be better connected to the city centre in the near future as a result of Network Rail’s Ordsall Chord project, which will introduce direct journeys between Piccadilly and Victoria stations.
NSP – the specialist construction arm of developers Nikal – are also working on a £300,000 project at The Soapworks on Ordsall Lane in Salford which will make the ground floor of the building available for office or retail use.
Mark Hopkins, from NSP, said of the Chapel Street scheme: “It’s a great, but logistically difficult site, opposite the entrance to the Lowry Hotel, but the previous scheme was just not commercially viable to build as designed.
“We took apart and redesigned the plans and are now delivering the scheme within the client’s budget.”
He added: “We are able to use our vast experience to re-think and then deliver solutions for clients whose schemes may have stalled.
“Very often all it takes is a fresh approach and practical application that adds value and ultimately sees projects delivered.”
It follows similar projects taking place in Salford with the Greengate regeneration scheme, on the site of the old Manchester Exchange railway station, overseeing the development of two office blocks and a car park.
Main image via Skyscrapercity.com