Logik Developments and Sir Robert McAlpine Capital Ventures (SRMCV) have formed a Joint Venture to collaborate on the Arundel Street project in Manchester
The partnership will work on the development of a 24-storey, 355-unit Build to Rent (BTR) property on Arundel Street, estimated to cost around £110m.
Located in the Castlefield basin, across from the Deansgate Square Towers, the development is expected to play an important role in the regeneration of the area.
The project hoped to provide social and sustainability benefits to the local communities in Manchester.
The project is still awaiting the green light
The Joint Venture is in the process of securing a forward funding partner to facilitate the development of the scheme.
“We are excited to have created the Joint Venture with SRMCV. Our two businesses are aligned in values and ambitions, and we look forward to seeing this project move to the next stage,” said Neil Spencer, managing director at Logik Developments.
“The development of this BTR scheme will add to the strategic importance of the Castlefield Basin in the city. The high quality of the design will complement the area and bring many benefits to the local community,” he continued.
Logik is working with the council to get the project going
Development plans for the Arundel Street project were initially approved in June 2019, but as of now, no progress has been made. Recent documents submitted to the Manchester City Council aim to clear the path for the project to begin.
Logik, who originally partnered with High Street Group on the project, is now continuing independently. A previous version of the Arundel Street project, featuring a 35-storey tower with 384 apartments, was denied in 2018 due to heritage concerns.
“Today marks the beginning of another significant project for SRMCV. This fantastic project in the heart of Castlefield reinforces our strong track record of successfully delivering BTR schemes across England,” said Robert Wotherspoon, CEO of SRMCV.
“We greatly look forward to the start of our partnership with Logik Developments. We share Logik’s ambitions for achieving a quality residential neighbourhood with high sustainability targets with a focus on creating social value that benefits the local community. We look forward to bringing the vision to life,” he concluded.
