Development Securities and Property Alliance Group secure planning permission for 27-storey residential development in Manchester (UK)

Development Securities, in a 50:50 JV with Manchester-based developer, Property Alliance Group, announces that Manchester City Council has resolved to grant planning permission for a 172-unit residential tower. The iconic new development, known as Axis Tower, will deliver a 27-storey, 14,214 m² building on a 809 m² site in central Manchester.
Adjacent to Deansgate and Manchester Oxford Road stations, Axis Tower is well-located, being close to the campuses of both Manchester and Manchester Metropolitan University, the city’s main retail and commercial areas and with good access to a number of transport links. The site is vacant and ‘shovel ready’ with some enabling works having already been completed to prepare the site for development.
With planning permission now secured, the JV partners anticipate a start on site in early 2015 with practical completion targeted for Q4 2016 and an estimated total development cost of £40 mln (€50.4 mln).
Interest in the luxury one, two and three-bed apartments is already strong, with over half of the units reserved for pre-sale.
Matthew Weiner, Director, Development Securities said: “Axis Tower is a significant development opportunity for us and will deliver an iconic new residential building in the heart of Manchester. With planning now secured, we look forward to progressing the project to the next phase with a start on site anticipated in early 2015. The joint venture between Property Alliance Group and ourselves represents a powerful partnership, with extensive experience of the Manchester property market and a strong track record in delivering high quality developments that create vibrant new neighbourhoods.”
Source:Development Securities