Balfour Beatty and AIG agree funding for £65m New Cross PRS
Balfour Beatty and AIG Global Real Estate have completed a funding deal for a 274-home build-to-rent development in Manchester’s New Cross, designed by architect Hodder + Partners.
The site opposite the Wing Yip supermarket on Oldham Road was bought by Balfour Beatty in Janaury 2016, and the company secured planning approval in July that year. As part of the deal with AIG, the land ownership has transferred in full to AIG.
Work has now started on site to deliver the project, now renamed The Lancastrian, which has a gross development value of £65m. It includes 274 one, two and three-bed apartments across two buildings, alongside a landscaped courtyard. There will also be residents’ lounges, a gym, and two roof-top terraces.
One block will vary in height between eight and 10 storeys, while the other is between six and eight storeys. There will also be a 3,700 sq ft ground floor retail unit fronting Oldham Road.
Balfour Beatty has now started work on the site, including the demolition of the former Europcar buildings, and completion is scheduled for summer 2020.
The professional team also includes Gillespies as landscape architect, and Curtins as structural engineer.
David Swarbrick, managing director of UK investments for Balfour Beatty Investments said, “We are delighted to be working with AIG Global Real Estate on the delivery of this exciting development. The Lancastrian will support the regeneration of the area, providing high class accommodation for residents.”
Balfour Beatty was advised by Colliers.