Funding deal struck for 25-storey Manchester tower
Pollen Street Capital will forward fund the construction of Victoria House, a scheme being delivered by Salboy and Forshaw Land and Property.
According to a viability assessment drawn up by consultancy Turley, the project will cost around £33.6m to build and has a gross development value of £44m.
Construction of the 25-storey development, designed by SimpsonHaugh Architects, is now underway with Domis on site. Once complete, Victoria House will provide 177 one-, two-, and three-bedroom apartments.
The project forms part of the Portugal Street East masterplan, which also includes Capital&Centrics’s Leonardo hotel and the Fairfax, Olympian Homes’s 488-apartment scheme, among other developments.
Simon Ismail, managing director at Salboy, said: “Victoria House is the first high-quality residential scheme in this area open to both owner-occupiers and investors so people who buy here to live can keep their investment and rent [their apartment] out if work or life takes them away from the city centre.”
Construction is on course to complete in the middle of 2024, according to Salboy.
Off-plan sales for apartments within Victoria House will be launched next month through Salboy’s sales division. Prices start at £189,950 for a one-bedroom apartment.
Pollen Street Capital will fund the development following an agreement to back another Salboy scheme, the 199-home Fifty5ive in Salford.
James Bevans, investment director at Pollen Street Capital said: “We are delighted to build on our strong relationship with Salboy in funding this development and look forward to continuing to grow our partnership.
“Victoria House is a high-quality residential scheme and we are thrilled to see the positive impact of our partnership with Salboy helping to support the regeneration of the area.”
Really disappointed that for a scheme that’s aimed at owner occupiers, there are no balconies. What is the planning department playing at here? They talk about sustainability but seem to neglect the basics.
If developers are being asked to exclude them in pre-application discussions as appears to be the case then they should simply ignore the directive as there is nothing in MCC’s existing planning guidance that says they should be omitted.
By Balcony watch
Nice addition to the area, shame it doesn’t have any balconies. The patch of green space adjacent will soon be developed into apartments.
By Meeseeks
Lovely to see another tower going up in my adopted home of Manchester. We really are the capital of the north. Can see why most young professionals are moving here for the lifestyle, cost of living, general environment standards we have. I work for an absolute power house of a company with a really strong team around me, which I lead from the front – my recent promotion shows that there are opportunities here, even for engineers that are full of hot air rather than knowledge
By Alistair Lambert