Building from New Bailey Scheme in Salford sold for £6.3m

A Salford building, part of the English Cities Fund’s New Bailey scheme, has been sold for over £6 million.

Riverside House, on Irwell Street, Salford, has been purchased by LGIM Real Assets on behalf of Legal & General’s UK Property Fund for £6.3m.

The office development is fully let to Muse Developments and Leonard Curtis Business Solutions Groups after being completed in the final quarter of 2019.

The English Cities Fund delivering New Bailey are also working in partnership with Salford City Council.

Riverside House’s development saw a restoration of the original 19th-century facade on two sides of the building, as well as a new build of the internal structure, an additional floor added to the House and the original footprint doubling in size.

Phil Mayall, regional director at the English Cities Fund, said: “The scheme is a prime example of successful city centre repurposing; taking once completely underutilised site and creating a business district with its own distinct character and gravitas that world-class companies aspire to be a part of.

“New Bailey has been transformational for the area, serving the needs of both occupiers and the local community, and Riverside House is an important piece of the development jigsaw”, said Mayall.

He continued: “Now that the building has been sold, we will be focusing on the next phases of development at New Bailey and what is promising to be an exciting year ahead.”

Matt Jarvis, senior fund manager, UK Property Fund, at LGIM Real Assets, said: “Using our UK property market forecasts, the fund continues to invest in strong performing assets where we see prospects to drive value and Riverhouse House is an outstanding example of this.”

As Salford continues to be redeveloped, it is evident that the English Cities Fund will have played a significant role in the regeneration of the city.