Developers are looking to capitalise on one of the jewels of the government’s northern powerhouse initiative by bringing forward a new 600,000 sq ft mixed-use station development in Manchester.
A 2.5-acre site owned by Network Rail next to Manchester Victoria is to become the city’s latest regeneration project.
Network Rail and partner Muse Developments are seeking forward funding of up to £150m from investors on the office and residential elements of the scheme, dubbed New Victoria (pictured).
Victoria station is the centrepiece of the region’s forthcoming upgraded rail network, known as the Northern Hub, and the electrification of the Trans-Pennine line. Muse and Network Rail are already undertaking a £45m upgrade of the Grade II listed Victoria station.
The Sheppard Robson masterplan includes a 150,000 sq ft office block – one of the largest in the city – and two residential towers of 17 and 22 storeys comprising 475 flats.
It also includes restaurant and leisure space on the ground floor, public realm improvements and a multi-storey car park. JLL and GVA have been appointed as letting agents and to lead the funding search.
Detailed plans for New Victoria should be submitted before the year-end, with construction expected to begin in the fourth quarter of 2016 and completion scheduled for 2021.
With floorplates of more than 15,000 sq ft the development is intended to extend the city’s business centre north, in tandem with Co-operative Group’s and Hermes’ NOMA to the east, and English Cities Fund’s New Bailey to the west.
The Northern Hub rail upgrade, due to complete by 2019, will see Victoria become the main link between the North East and North West. It is one of the central investment projects in the government’s northern powerhouse initiative to enhance the UK’s economic capabilities outside of London.
Manchester Victoria station was built in 1844 on the site of a pauper’s graveyard and has an Edwardian façade. It is the second busiest station in the city after Piccadilly, with more than 7m passengers per year.
