Prosperity searches for Old Brewery Gardens investor
Prosperity Capital Partners is looking for a forward funder to back its Old Brewery Gardens development in Manchester, set to include 556 apartments and 38,000 sq ft of commercial space.
The developer secured planning permission for the scheme in June last year and is now looking for an investor to back the build-to-rent part of the site, featuring 375 apartments.
This is expected to cost around £100m to fund, although the potential backer would also have an option to buy an additional 181 apartments currently aimed at the private sale market, at a total cost of £150m.
Forming part of a wider masterplan for the former Boddington’s Brewery site, the scheme, designed by architect Assael, features five brick-clad blocks ranging between 26 and 12 storeys.
Under the planning application approved in 2018, homes for private sale are centred in block A, the tallest of the five blocks at 26 and 23 storeys , while homes in the remaining four blocks will be for private rent.
There will also be around 8,500 sq ft of residential amenity space spread throughout the blocks, alongside 29,000 sq ft of external amenity space.
There are also plans to create a new high street centred around two aspects; a fashion and textile hub focussed on the design community, and a “Brewhouse” centred on “interactive food and retail concepts”.
There will be 37,600 sq ft of commercial space in total, largely fronting a new central avenue and New Bridge Street to the south of the site. Commercial units will be spread over the buildings’ first three floors.
Developer Prosperity Capital Partners has offices in London and Manchester, and is headed up by investor and developer Gavin Barry, who was formerly development director at Hugo James Property and operations director at TRB Estates. MTRE & Avison Young are advising on the hunt for a funding partner.
Part of the wider Boddington’s site is due to be home to Manchester College’s £100m campus, which is set to be delivered by Willmott Dixon. Much of the area is currently used as surface car parking.