Galliford Try Partnerships will start work next week on a £14.2m, 105-home development, now named The Clockworks, on Manchester’s Princess Road.
The project, designed by Northern Quarter-based architect IDP, is being developed for housing association One Manchester and will be available as rent-to-buy properties.
Under the rent-to-buy model, residents will be able to rent for up to five years at a discounted rate before being given the option to purchase their apartment, which all have two beds and two bathrooms.
The brick-clad building steps in height along Princess Road and will reach six storeys at its peak. There will also be a roof terrace for residents on the fourth floor.
The site of The Clockworks is owned by Manchester City Council and Kirkland Developments, which have both worked with Galliford Try and One Manchester to bring the project forward.
Plans were approved for the project in October last year, and completion is scheduled for summer 2019.
Cllr Bernard Priest, deputy leader of Manchester City Council, said: “We know young people are struggling to get their foot on the housing ladder, which is why it’s important that schemes are being brought to market that create different routes to home ownership and deliver high quality housing to Manchester people.”