McAlpine deal to kick-start £110m Manchester resi scheme

4/12/23

Sir Robert McAlpine has struck a deal to advance a £110m build to rent tower block project in Manchester.

The contractor's Capital Ventures development arm has formed a joint venture with the scheme's original promoter Logik Developments to advance the planned 24-storey project off Arundel Street in central Manchester.

The £110m development, located in the Castlefield basin, opposite the Deansgate Square Towers, hit the buffers when Logic's previous partner High Street Residential collapsed two years ago.

The site was formerly home to Dot motorcycles and was acquired by Logik in 2017.

With planning permission in place, site clearance is expected to get underway in the New Year. The joint venture is now working to secure a forward funding partner, with main work now likely to start in 2025.

Robert Wotherspoon, CEO of Sir Robert McAlpine Capital Ventures, said: "Today marks the beginning of another significant project for SRMCV.

"This fantastic project in the heart of Castlefield reinforces our strong track record of successfully delivering BTR schemes across England.

"We greatly look forward to the start of our partnership with Logik Developments.

"We share Logik's ambitions for achieving a quality residential neighbourhood with high sustainability targets with a focus on creating social value that benefits the local community. We look forward to bringing the vision to life."

Source; Construction Enquirer