Site sale clears path for £154m Manchester tower 

Select Property Group has completed the acquisition of a car park on Port Street from Town Centre Securities for £12.95m. 

TCS will use the proceeds from the sale to repay bank borrowings, according to a Stock Exchange filing. Select plans to start work on its 481-apartment development next year. 

Select lodged plans for One Port Street in January and twice saw the application rejected by Manchester City Council. 

However, a reduction in height from 34 to 33 storeys saw the scheme given the green light by planners in July. 

Designed by SimpsonHaugh Architects, the development also features an 11-storey block. The shorter element fronts Great Ancoats Street, while the tower portion faces Port Street.  

Deloitte Real Estate is the planning consultant for the project, and Re:form is the landscape architect.   

Select’s scheme is one of several tom come forward in the area around Great Ancoats Street in recent weeks and months. 

Axis-RE and Marco Living recently submitted an application for a 267-home development on a neighbouring plot last week, while Dean Street Developments, Definition Capital, and Assured CMS have tabled proposals for a 154-bedroom hotel further up the road. 

A pair of updated strategic regeneration frameworks have also been worked up lately. 

The Government Property Agency has expressed an interest in creating a civil service hub on the 10.5-acre former Central Retail Park site, prompting Manchester to update its SRF for the plot.  

A vision for East Village Central, located immediately next to the site of the proposed hotel, has also been unveiled. The city council wants to see a high-density, office-led, mixed-use development on the site of the Stocktons furniture showroom and the former Presbar foundry.