A £350m build-to-rent scheme is progressing in Manchester’s Deansgate district, with an application for 1,037 flats in two 56-storey towers.
The Park Place scheme from developer Great Jackson Street Estates, run by investor Aubrey Weis, is a huge vote of confidence for the sector amid fears of overheating.
GJSE and architects Hodder + Partners have drawn up the plans for the scheme on a 1.5-acre parcel of land on Great Jackson Street.
The site is identified as Plot G in the Greater Jackson Street Development Framework area. However, the massing is almost double the initial allocation.
The 1,037 homes will span 790,606 sq ft. The scheme has a GDV of £325m, with annual rental income estimated at £15.94m.
It neighbours Renaker’s 52-storey Elizabeth Tower on Crown Street, with further BTR at West Tower and North Tower, as well as Moorfield’s The Trilogy to the south of the site.
Renaker’s luxury West Tower comprises 350 flats with a mix of one, two, three and four-bedroom flats, with rents ranging from £860 to £8,000 pcm. GJSE said its rents would likely be lower than this.
According to JLL, Manchester is the most attractive city for renting, despite a slowdown in recent years. The agent estimates some 5,600 flats are under construction around the city.
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