VIDEO | GMI tops out at Oldham Road
Cheyne Capital’s contractor has reached the highest point of construction on the £32m Manchester apartment scheme, where 35% of homes will be reserved for key workers.
The 12-storey Oldham Road apartment building falls within the New Cross neighbourhood, a key development area where GMI Construction alone is currently working on three schemes delivering a combined 378 homes.
The contractor led a topping out event attended by senior management and directors from Cheyne Capital and GMI, along with NHS representatives.
Funding for the scheme was provided through Cheyne Capital’s Impact Real Estate strategy which aims to address the UK’s shortage of affordable housing.
Under the social impact principles of the financing agreement, 51 of the total 144 apartments will be reserved for local key workers, such as nurses, teachers, and emergency services workers, at discounted rents of up to 25% off.
The development features one-, two- and three-bedroom apartments, as well as a 3,000 sq ft roof terrace and further amenity spaces. Completion is due in mid-2023.
The GMI team alongside Manchester University NHS Foundation Trust’s Kathy Cowell at the tower’s topping out ceremony. Credit: Be The Best Comms
Jack Greenhalf, development manager at London-based Cheyne Capital said: “We know what a transformational impact urban regeneration developments such as Oldham Road can have on a place, and the benefits they provide for the communities they serve.
“Our commitment to reserve more than a third of these new homes at meaningful discounts – enabled by our Impact Real Estate strategy – will open up more affordable opportunities for key workers across health, education, and the emergency services to live in the heart of one of the UK’s most dynamic cities.
“As well as providing high-quality homes for what will no doubt be a thriving urban community, Oldham Road will support sustainable lifestyles with residents living on the doorstep of the public transport network in Manchester city centre.”
Marc Banks, divisional managing director at GMI said: “This is a major milestone for Oldham Road which moves us closer to completing what is a best-in-class development in the heart of Manchester. The team at GMI is proud to have worked in partnership with Cheyne Capital to deliver a scheme of such quality and significance.
“We have no doubt that Oldham Road will contribute significantly to re-energising this up-and-coming part of Manchester, and help to unlock further city centre regeneration and growth.”
Some real quality midsize developments going up in New Cross. If they can get the public realm right it will be a fantastic part of town. Can PNW not do some investigative articles regarding the state of some of the streets in the city? The rubbish and general care and maintenance on the ground is terrible and no one seems to be being held to account. What happened to the 1 million trees initiative we were promised?
By Bob
Agree with Bob. I was in Moston yesterday. The rubbish and filth there were beyond belief.
By Elephant
Totally agree with Bob, brand new developments are situated next to filthy looking buildings, for example Premier Inn’s North Tower, bridges, stone walls, lamp posts etc. are covered in grime/dirt/bird droppings. In addition, the distressed building site marketed as The Residence, is a terrible blight on the burgeoning Greengate area. I’m not from an Architectural background but I don’t understand why this eyesore cannot be topped-out at it’s current level (without completing the final 10 or so floors). Why should people who have invested in an upmarket flat in (the soon to be completed) Cortland Tower, or the 130 metre, 44 story Tower next door (the name escapes me) have their views ruined by this distressed monstrosity, which is covered in frayed, black tarpaulin.
By Bilderburg Attendee