Property Alliance Group has submitted a planning application for a high-rise residential scheme on a plot at the corner of Store Street and Millbank Street near to Manchester’s Piccadilly station.
Oxygen has been designed by 5plus Architects. The scheme includes 345 apartments and 12 townhouses, alongside leisure facilities and rooftop gardens.
The townhouses wrap around the base of the tower. The development also features allotments and a 24-hour concierge.
The scheme is being marketed to overseas investors. According to marketing materials, the project is due to complete by the start of 2018.
A standard two-bedroom apartment will cost £240,000, and Property Alliance Group is projecting rental yield returns of between 5.5% and 7%.
Jon Matthews, director of 5plus Architects, said: “Oxygen will be a connected place, a place to connect with your friends, connect to Piccadilly and connect to the sky. With all the amenities it offers it will be a true vertical village and the design provides a welcome regeneration to the area around Piccadilly. Oxygen is unashamedly high quality, both iconic and accessible.”
Property Alliance Group, in a joint venture with U+I, is also the developer behind Axis, the delayed 27-storey residential block due to be built next to Deansgate Locks. Construction was due to begin at the beginning of this year, however the start date was put back “due to negotiations with the Canal & River Trust”. Contractor Russells Construction is set to begin on site this month.
JLL is the letting agent at Oxygen and Axis.
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