Manchester Place has appointed development partners to deliver around 500 new homes on a key site at the southern gateway to Manchester city centre.
Buccleuch Property, through one of its core residential joint ventures Queenberry Properties, has been selected to develop the site at Little Peter Street that is bounded by Medlock Street, Jordan Street and the River Medlock.
The JV is backed by Dutch based investment management fund Bouwfonds and the deal announcement is a continued signal of strong post Brexit confidence in Manchester by investors – this time from within Europe.
Managing Director, Buccleuch Property
“We are hugely excited about the opportunity Little Peter Street represents and believe its location at the heart of this strategic masterplan makes it one of the most important sites in the city.
“Our vision is for a high quality residential led development that will create a neighbourhood where people will want to live, work and create a sense of community and play.”
The site is part of the wider development framework for First Street which includes the arts centre HOME and the proposed scheme will deliver a split of apartments for sale and rent as well as ground floor mixed use and new public realm.
Queensberry will now work with the City and local stakeholders on detailed plans for the site.
Sir Richard Leese,
Manchester City Council leader
“This development will create another high quality neighbourhood in the city centre, adding to the mix of residential options, providing new public space and opening up the River Medlock to link with nearby neighbourhoods such as First Street.
“It is yet another vote of confidence in Manchester by investors and demonstrates that it is very much business as usual for the City.”
Chief Executive of Manchester Place
“Manchester Place continues to promote and support great residential growth in the city. This is another example of our involvement in making things happen on the ground and bringing in new names in the world of development and investment.”
Buccleuch Property represents the commercial property interests of Buccleuch operating in the investment and development markets together with significant interests in the strategic land and residential sectors.
With offices in Edinburgh and London it has a market exposure circa £250m through a UK wide investment portfolio, a commercial development pipeline in excess of 2.5m sq ft and a strategic land portfolio with over 12,000 consented residential units.
With an increasing portfolio of opportunities across the UK and with joint ventures in the US and Germany Buccleuch Property is a committed and financially sound primary investor and seasoned JV partner with the benefit of a strong balance sheet and access to long term finance.