Manchester Life’s £87.5m Phoenix Ironworks advances
The next phase of Ancoats’ regeneration will see a former industrial site redeveloped into 256 homes.
Manchester Life has submitted its proposals for the residential project, known as Phoenix Ironworks and located off Naval Street, Poland Street, Jersey Street, and Radium Street.
Designed by Callison RTKL, the project would deliver a mix of one-, two-, and three-bedroom apartments and townhouses and up to 14,500 sq ft of commercial space, including a row of workshops geared towards creatives.
A viability appraisal by Savills estimates the scheme has a gross development value of £87.5m and will cost £76m to develop.
The project team features Mace, Planit-IE, Deloitte, Curtins, Buro Happold, Sandy Brown, Hoare Lea, Turner and Townsend, and Counter Context.
To learn more about the project, search for application reference number 137346/FO/2023 on Manchester City Council’s planning portal.
In order to clear the path for the project to take place, Manchester City Council is planning to use compulsory purchase powers to address several rights of way, restrictive covenants, rent charges, and unregistered freehold interests.
Phoenix Ironworks builds on Manchester Life’s extensive work in Ancoats and New Islington, which has seen the business deliver nearly 1,500 homes across the neighbourhoods.
Earlier this year, the company succeeded in securing planning permission for 190-flat Jersey Wharf project, located close to Phoenix Ironworks.
Manchester Life is a joint venture between Manchester City Council and Acre Real Estate Investment and Development.
Sheikh Mansour bin Zayed bin Sultan Al Nahyan, the majority shareholder of Manchester City Football Club, owns Acre.