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MANCHESTER - Zentra Group PLC (AQSE:ZNT) has completed the acquisition of a site at Old Mill Street in Manchester’s New Islington area for £1,425,000, the residential developer announced today.
The 0.18-acre site, previously used as a car park, is located within the New Islington Masterplan area and is situated two minutes from the New Islington tram stop. The company plans to develop a six-storey apartment block comprising 40 residential units—evenly split between one and two-bedroom apartments—along with a ground-floor commercial unit.
The acquisition was funded through a combination of proceeds from the sale of the company’s One Meadow development in Eccleshill and external financing. This marks the first acquisition under Zentra’s newly launched Zentra Living brand, which focuses on residential apartments for urban professionals.
Construction is scheduled to begin in the fourth quarter of 2025 with an estimated completion time of 18 months.
"The successful completion of this acquisition is an important step forward for Zentra and the launch of our Zentra Living brand," said Jason Upton, CEO of Zentra Group PLC, in the press release statement.
The Manchester-based company received formal planning approval prior to finalizing the acquisition.
Zentra Group specializes in property development and management in the residential sector, primarily in the North of England, and is listed on the Access Segment of the Aquis Stock Exchange Growth Market.
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