19 September 2016
U+I WINS £850 MILLION MAYFIELD REGENERATION PROJECT IN MANCHESTER
U+I, the mixed-use property regeneration specialist, has been appointed by the Mayfield Partnership to develop the Mayfield Quarter in Manchester, an £850 million urban regeneration project that will leave a lasting legacy for the city and the wider UK. U+I will commit up to £20 million equity to the project with an ambition to submit an outline planning application in Q2 2017, and a detailed planning application for the first phase of development in Q3 2017.
The Mayfield Partnership is a public sector consortium comprising Manchester City Council, Transport for Greater Manchester and LCR. The redevelopment will deliver a mixed-use community on a 24-acre gateway site adjacent to Piccadilly station that has been derelict for over a decade. The proposed masterplan for the regeneration includes the construction of over 1,000 homes, a new hotel and 807,000 sq. ft. of offices as well as leisure and retail space, with the potential to create 7,500 jobs.
U + I has an established presence in Manchester having been involved in several projects in the city including the Manchester Arena, and is currently developing the Axis Tower alongside the Property Alliance Group.
Matthew Weiner, Chief Executive, U+I said: "We are very proud to be selected as the preferred partner on this unique project, underlining our strengths in mixed-use regeneration and public private partnership projects. U+I has built a successful track record working alongside public sector bodies to deliver innovative and award-winning schemes.
"This project underlines our commitment to Manchester and our focus on targeting large scale regeneration opportunities, in line with our strategy. It adds significantly to our portfolio across the UK and follows our appointment as development partner at 8 Albert Embankment in partnership with the London Fire and Emergency Planning Authority and Cockpit Yard in partnership with Camden Council earlier this year."
Sir Richard Leese, Leader of Manchester City Council, said: "We are delighted to have appointed U+I as our development partner for the Mayfield Quarter. It was a challenging decision given the exceptionally high calibre of candidates; however, we were particularly impressed by U+I's innovative approach. The regeneration of this key gateway site, along with the proposed Network Rail Northern hub scheme and the HS2 station will ensure a lasting legacy for Manchester and over time contribute towards fulfilling the Northern Powerhouse growth agenda. We are confident that U+I has the expertise and experience to successfully drive this world-class development forward and are now excited to see our vision for Mayfield take shape."
For further information, please contact:
Jessica Stalley, Interim Head of Investor Relations
[email protected] 020 7828 4777
This information is provided by RNS