JV debuts with Piccadilly flats

15 March 2016 00:01 Comments (0)

Piccadilly Basin in Manchester will receive the first project by a new joint venture between Town Centre Securities and GMI Construction Holdings, to be known as Belgravia Living Group.

The 91 apartments at Tariff Street are part of a 900-unit masterplan for Piccadilly Basin. A £9.741m loan has been approved by the Greater Manchester Combined Authority from the Greater Manchester Housing Fund to support the first phase of development on Tariff Street within Town Centre Securities’ Piccadilly Basin development.

Detailed planning consent has been granted for the first phase which will see the development of a 90,000 sq ft building, Burlington House, which has been designed by SimpsonHaugh & Partners. There will be a mix of one-, two- and three-bedroom apartments. Preparatory site work will commence in April 2016, with an 18 month development programme set to start in June this year.

Belgravia Living Group said delivery of all 900 residential units at Piccadilly Basin will take six years. The total development value of all phases combined is estimated at around £300m. One of the later phases will include two towers, one of up to 35 storeys.

Piccadilly Basin has been transformed by Town Centre Securities since an original masterplan was approved in 1998. In addition to the development of BDP’s office building, the Urban Exchange Retail Village and a multi-storey car park, 150 apartments were created at Vantage Quay and Jackson’s Warehouse with the listed Carver’s Warehouse restored and extended to house local start-ups.

Belgravia Living Group is headquartered in Carver’s and headed by Robert Rushworth, formerly of Shepherd Construction Group.

GMI Construction is based in Leeds and has a housebuilding subsidiary, Duchy Homes.

Edward Ziff, chairman and chief executive of Town Centre Securities, said: “We have been committed to the regeneration of Piccadilly Basin for many years and the Piccadilly North neighbourhood will become even more strategically important with the delivery of HS2. The funding has facilitated commencement of the first phase of 91 apartments and we are looking forward to working in partnership to deliver this important scheme.”