Developers Ask Real Estate and Salboy have agreed a joint venture to deliver a £300m residential and office project in Manchester city centre.
The 50:50 joint venture aims to develop the Viadux scheme, which is located on the former Bauer Millet site off Albion Street near the Beetham Tower.
The site is owned by Ask and has planning permission for a 40-storey residential tower and 14-storey commercial building with 240,000 sq ft of grade A office space.
The scheme, which was originally named Found Space and is designed by SimpsonHaugh architects, will also see the neighbouring railway arches along Great Bridgewater Street converted into restaurants, bars and shops.
Work is scheduled to start this spring with Salboy’s contractor Domis overseeing the build. It is understood that Ask wishes to bring on board Salboy’s residential expertise and its construction partner Domis.
Simon Ismail, co-founder and director of Salboy said: “Viadux will benefit from our extensive construction and residential development experience. Working with a partner of Ask’s calibre will help create one of the most exciting mixed-use projects in the heart of the city centre.”
John Hughes, managing director of Ask said: “By joining forces with Salboy, we are both able to bring to fruition this significant development, which is a response to the city’s continuing economic, cultural and population expansion.”
Viadux “brings to life ‘hidden’ spaces”, Hughes added, and is expected to transform the prime location close to Deansgate Castlefield Metrolink station, the Beetham Tower and Manchester Central Conference and Exhibition Centre.
The £300m project involves working around the existing tram line and Grade II listed arches and is expected to take approximately three years.
Salboy is backed by Betfred billionaire Fred Done and led bydirector Simon Ismail.
This week, the developer submitted a planning application for an 18-storey apartment block comprising 115 homes on Queen Street in Salford, designed by Jon Matthews Architects.