The £130m residential element of Muse Developments’ New Victoria, comprising 520 apartments across two towers of 20 and 25 storeys, is scheduled to complete in 2024.
Place North West reported in June that Vinci Contraction had been appointed as lead contractor on the scheme in Manchester. It has now started work on site.
Situated on Corporation Street near Victoria Station, the 450,000 sq ft residential component of New Victoria, for which plans were lodged in May 2016, is being funded by Pension Insurance Corporation.
The funding deal, struck in early September, is “the largest build-to-rent-led forward funding transaction inside and outside of London”, according to Muse’s development director David Burkinshaw.
The project will include 178 one-bed, 286 two-bed and 56 three-bed apartments, as well as 6,000 sq ft of commercial space.
The build-to-rent scheme is part of Muse’s wider £185m mixed-use project that also includes an eight-storey, 150,000 sq ft office block.
Sheppard Robson is the scheme’s architect, with the professional team also including Deloitte Real Estate, Walker Sime, Arup, Chroma Consulting, and Planit-IE.
Muse’s delivery partners on New Victoria are Network Rail and Manchester City Council.
Garry Bowker, regional director at Vinci Construction UK, said: “It’s been a great team effort throughout the pre-construction stage to finalise the design, agree the contract and secure the project start date.
“This will be a high-profile project on a prominent site in Manchester city centre and will significantly increase Vinci Construction UK’s profile in the Manchester market.”