Being built next to Manchester Victoria railway station, New Victoria’s residential phase will comprise 520 flats for rent in two tower blocks, one of 20-storeys and one of 25.
Muse, Morgan Sindall’s regeneration business, announced in 2019 that Manchester City Council had received a housing infrastructure fund grant from Homes England to accelerate infrastructure delivery to unlock the 2.5-acre site on Corporation Street.
As part of the wider £185m New Victoria scheme, Muse is also acquiring a second site from Network Rail to build a 150,000 sq ft eight-storey office building.
Pension Insurance Corporation, a specialist insurer of defined benefit pension funds, is forward funding the 450,000 sq ft residential phase for its first build-to-rent scheme.
Muse development director David Burkinshaw said: “This is the largest build-to-rent-led forward funding transaction inside and outside of London. It marks 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.”
Garry Bowker, regional director at Vinci Construction UK, said: “It’s been a great team effort throughout the pre-construction stage to finalise the design, agree the contract and secure the project start date. This will be an extremely high-profile project on a very prominent site in Manchester City Centre and will significantly increase Vinci Construction UK’s profile in the Manchester market. We are also delighted to be working with Muse again following the successful delivery of Warrington Time Square.”
Works are due to complete in 2024.