The first phase of Adelphi Wharf, a luxury apartment complex on the banks of the River Irwell in Salford, has sold out.
206 apartments and townhouses are included in the first phase of the development, which is expected to be completed by summer 2017.
Developers Fortis say the popularity of the scheme is ‘no surprise’ given its riverside location.
When complete, the £75 million project will offer 593 apartments across three blocks on currently derelict land off Silk Street.
Aldelphi Wharf exterior from Silk Street
Buy to let developer Knight Knox is in charge of sales.
The firm’s Commercial Director Andy Phillips said a surge in interest from private investors had been sparked by a national rise in private housing rental prices.
He said: “2015 is proving to be a very exciting year for Salford, due to significant investment into the city’s regeneration.
“We’re thrilled to be providing the area with high quality residential property and the quick sale of the first phase demonstrates how valuable this investment opportunity is.
Adelphi Wharf won planning approval from Salford City Council in May 2015.
The 0.7-hectare site formerly occupied the Adelphi Iron Works.
Bounded by the River Irwell to the west and Silk Street to the north, it was last used as the base for the Sir James Farmer Norton engineering works, which was founded in 1852 and by 1961 employed 680 people in the textile finishing trade.
Commercial buildings on the site have long been demolished and its last usage in 2011 was for a car park, which is now overgrown and hit by constant flytipping.
Salford City Council agreed in May 2015 that because Fortis were developing a riverside walkway it did not have to pay the suggested £670,000 in Section 106 developer’s contributions.
Kieran Moore, Director at Fortis, added: “Fortis Developments has worked closely with Salford City Council and Urban Vision to ensure that the design and visual impact of Adelphi Wharf complements the area, whilst incorporating modern architecture along the city’s waterfront.
“A riverside walkway will be created to offer access to the waterfront, allowing residents to enjoy Salford’s surroundings with ease.”
The Adelphi Wharf plans include underground car parking for 86 vehicles, a ground floor gym for residents and eventually, an internal courtyard bounded by the two further seven-storey blocks.
The development will be let and block managed by Fortis Lettings and Management.
