Greengate growth prompts ?3m arches overhaul
The Arch Company is to invest in converting 10 derelict railway arches on Norton Street in the Salford neighbourhood into food, drink, retail, and leisure spaces.
The landlord’s proposals for Greengate follow similar plans in the Red Bank area[1] of Manchester – with FEC and Manchester City Council’s £4bn Victoria North – where The Arch Company wants to convert a clutch of disused spaces.
Both the Manchester and the Salford projects form part of Project 1000, The Arch Company’s £200m plan to bring a thousand empty or derelict spaces into use across England and Wales by 2030.
The Greengate £3m proposals come at a time of significant residential growth for the area.
Renaker is nearing completion of the 52-storey Cortland at Colliers Yard, a 559-home build-to-rent scheme. The developer has another two towers in the works, Bankside and Parkside, while Legacie has picked up the stalled former Elliot Group project in the area.
Vacant for over five years, the ten arches have long been neglected and underutilised and are unlettable in their current condition, according to the Arch Company.
“We see enormous potential in transforming these 10 derelict arches on Norton Street into spaces that local people can enjoy,” said Rob Roddy, portfolio asset manager at The Arch Company.
“It’s a fantastic central location and our investment will help to create a vibrant destination for the people of Salford, while also supporting local businesses and the wider community.”
The Arch Company became responsible for 253 spaces across Manchester and Salford in 2019, after purchasing 5,200 spaces from Network Rail.
This is the biggest concentration of railway arches outside of London. At the point of sale, 1,400 spaces were left vacant and required significant investment and development before they will be suitable for occupation.
The Arch Company is jointly owned by Blackstone and Telereal Trillium.
References
- ^ similar plans in the Red Bank area (www.placenorthwest.co.uk)