CDL expands UK living sector portfolio with new acquisition in Manchester
The company acquired a freehold project for $125.7m.
City Developments Limited (CDL) has acquired 1NQ, a 261-unit freehold project in Manchester for $125.7m.
CDL will forward-fund the private rented sector (PRS) project, which will commence construction in November. 1NQ marks CDL’s fourth PRS project in the United Kingdom since 2019.
1NQ is located near Piccadilly Station, along Tariff Street and Port Street in the Northern Quarter, within the Piccadilly Basin neighbourhood of Manchester.
CDL plans to develop the site into two new-build 10- and 12-storey apartment blocks housing a mix of 1-, 2- and 3-bedroom apartments and two commercial units on the ground floor.
CDL expects to complete the project in 2026.