Following the agreement of major funding and contractor deals, a £185 million scheme in the heart of Manchester city centre will start on site next month. A major institutional investor will forward fund the 450,000 sq ft residential phase of New Victoria for an undisclosed sum.
Elsewhere, VINCI Construction UK has also signed to build the scheme – which will be completed within current government guidelines over a three-year period – on behalf of project partners.
“VINCI Construction UK is absolutely delighted to be delivering this landmark scheme with Muse and it’s been a great team effort throughout the preconstruction stage to finalise the design, agree the contract and secure the project start on site date. VINCI will utilise our key skills in civil engineering, railways interface and high-rise construction on this project as we further develop our position within the Manchester market,”commented Gary Bowker, regional director for the North West at VINCI Construction UK.
Earmarked for a site adjacent to Manchester Victoria train station and being brought forward by Muse Developments in partnership with Network Rail and Manchester City Council, New Victoria will comprise 520 homes over two 20 and 25-storey buildings. Morgan Sindall is also attached.
“These latest two deals mark a significant achievement for all partners in bringing forward this innovative gateway development, which also highlights investor confidence in our long-term vision to transform an underutilised site in the heart of the city centre into a vibrant new community. We look forward to continuing to work with our investor and Vinci to deliver this first-class scheme,” said David Burkinshaw, development director at Muse.
John Morgan, chief executive of Morgan Sindall Group, also added: “We are pleased to have agreed our second major forward funded deal in recent weeks, which further reinforces our regeneration strategy. We look forward to working with our partners to deliver a transformational scheme on an underutilised site in the heart of Manchester’s city centre.”