HIGH STREET GROUP AND LOGIK ENTER INTO JV FOR £100M MANCHESTER PRS PROJECT
High Street Residential (HSR), which is part of the Newcastle based High Street Group, has agreed a joint venture partnership with Logik Developments.
HSR has bought into Logik’s £100 million Arundel Street development in Manchester and will assist with the funding, planning, design and development of the project with a view to drive the future sales process.
The High Street Group chairman, Gary Forrest has said: “Manchester is a thriving city with a growing number of high-tech and media businesses and the demand for housing in the area has increased significantly”.
“Over 19% of people currently prefer to rent and that figure is expected to rise rapidly in the future. We aim to meet this demand, by delivering high quality living spaces in town and city centres, with communal relaxation and leisure facilities where people can meet, form friendships and build new communities.”
The Arundel Street site, which was the former home of Dot motorcycles, was acquired by Logik in 2017 and the 355-unit scheme will be the developer’s first major project in Manchester.
The development will comprise three main blocks of up to 23 storeys with a mixture of luxury one, two and three-bedroomed apartments for private rent. The scheme will not only offer residents roof top gardens but commercial, retail and leisure space as well.
A planning application was approved by the Manchester City Council earlier this year. The JV partnership is currently in advanced talks with contractors with site preparation work and demolition aimed to commence soon. Construction is anticipated to be fully underway in the second quarter of 2020.
Neil Spencer, Managing Director of Logik Developments said; “We are really pleased to be entering into this JV partnership. High Street Residential is an expert in private rented sector (PRS) development and we are looking forward to bringing the delivery of this major scheme forward as a team.
“We have been in talks for some time and are hopefully looking to extend this relationship across further development opportunities. Arundel Street is a key site for Logik, with the capacity to create outstanding homes in a prominent city centre location.”
The Logik team has more than 50 years’ experience in developing strategic sites that create inspiring places for people to live, work and play – places that people can be proud of.
Nationally, High Street Residential is constructing or preparing to build eleven other PRS developments in and around major cities such as Birmingham, Manchester, Milton Keynes and Newcastle.