Logik and High Street Group sign Arundel Street JV
High Street Residential, the residential arm of High Street Group, has agreed a joint venture partnership with Logik Developments to deliver a £100m housing scheme at Arundel Street and possible further schemes in future.
The JV will initially see HSR assist with funding, planning, designing and developing Logik’s 355-apartment PRS scheme in Manchester’s Castlefield district.
The SimpsonHaugh-designed scheme will offer a mix of one-, two- and three-bedroom apartments as well as rooftop gardens and commercial, retail and leisure space.
Logik’s original application for a 35-storey glass tower was rejected by Manchester City Council in October 2018, prompting the developer to make substantial changes to the plans. The project was scaled down to 23 storeys at its highest point, with an additional two blocks of eight and nine storeys each. The revised plans were approved in June 2019.
Logik, which is backed by cricketer-turned-presenter Andrew Flintoff, acquired the 1.2-acre site from an undisclosed vendor in 2017.
The JV is in advanced talks with contractors, with a view to starting site preparation work and demolition in the spring, a spokesperson for Logik said. The spokesperson declined to reveal each developer’s stake in the deal.
Neil Spencer, managing director of Logik Developments, said: “High Street Residential is an expert in 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.”
Gary Forrest, chairman of Newcastle-based High Street Group, 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.
“More than 19% of people 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.”
The planner for the development is Deloitte.