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Nabeel Mussarat Achieves Profit of 40% on Prime Salford Estate
By: Property Hub
The site has been sparsely populated for the last few years, with 11 of the 41 apartments being tenanted already, so it has been on the market and eventually purchased by Mussarat during an effort to build up his personal portfolio that consists mainly of major Manchester properties. There were initially some steps made to assess the building and its viability to be redeveloped but it due to various cladding issues it was then looked at to be sold on. The building is located adjacent to Salford Quays, which is a creative and media hub home to the BBC and ITV. Salford's residential market has grown strongly over the last five years, with suburban rental and capital growth closely following that of Manchester City Centre.
For a residential building with so many apartments, the draw of such a development is undeniable, but due to uncertainty with the integrity of the cladding developers have given it a wide berth, and it has been a continued difficulty to make it work as a viable site. After the tragic fire at Grenfell Tower in 2017, extra precautions have been implemented when dealing with the planning and construction of buildings with certain types of flammable cladding which means that replacing it proves to be a costly and arduous task. Due to the implicated costs of replacing the cladding previous developers and companies have avoided Quay House in particular, and with a variety of other refurbishment needs, it will prove to be a hefty schedule of work to make it fully viable as a living space due to damage in some of the corridors and stairways.
Nabeel entered negotiations to sell Quay House on before the new year, with it now being sold on successfully to a local vendor who will make moves to improve its general viability. Nabeel had the following to comment on the purchase and sale of the property Quay House:
"After holding Quay House for 3 months and evaluating the possibility of full property viability, it was not a possibility moving forward and I am thankful that we were able to turn a profit. The building has great potential and is in an ideal area that has seen incredible development over the last 10 years, so it is just a matter of time before Quay House is involved in that."
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