Funding agreed for long-awaited 35-storey Manchester Tower
Octopus Finance and Wildhorn Properties have agreed a £9m bridging loan to a joint venture between Featherfoot Whitworth Street and Altrincham-based EGCC Group to complete the purchase of a site on Whitworth Street West with planning for a £117m residential scheme.
Development finance of £78m has also been agreed in principle and will be triggered once 30% of the 327 apartments within the tower have sold, according to broker Adapt Finance.
Russell WBHO is lined up to start work on the 327-apartment development, branded as Manchester Tower, in Q2 next year.
The site, next to the City Road Inn pub and opposite to Axis Tower, was acquired in an £8.75m deal on Wednesday 6 October from Guernsey-based Brigantes, according to the joint venture.
Brigantes won planning consent for the scheme in 2015. Inhabit Residential was then reported to be bringing the project forward but work never started. Inhabit, run by directors of Mercer Real Estate, was dissolved in March, according to companies house.
As well as Russell WBHO as the main contractor, the Featherfoot/EGCC joint venture is working with Jon Matthews Architects, project manager Ikon, Lambert Smith Hampton, and planning consultant Deloitte to bring the project forward.
The JV bought the site for £8.75m this week. Credit: via ButlerBancroft
Completion is scheduled for Q2 2025.
Dean Hewart, director of Altrincham-based EGCC Group, said: “Plans are well progressed for the development of Manchester Tower on Whitworth Street West.
“We have development funding in place and securing ownership of the site this week was a key milestone for the joint venture partnership. This is a central prime location site ideal for residential development, providing new homes for the city and an exciting investment opportunity for purchasers.”
The development is to feature a mix of studio, one- and two-bedroom apartments for sale.
Other elements of the scheme include and a rooftop restaurant, bar, gym, private lounge and meeting rooms.
As the site is constrained and close to the junction of two major roads, the construction team will have to contend with limited storage and access, along with the proximity of the train line into Deansgate Station, presenting similar challenges to those at Axis Tower, which Russell WBHO completed in 2020.
Jon Matthews Architects designed the scheme. Credit: via EGCC
Gareth Russell, joint managing director of Russell WBHO, added: “We’re pleased to be working closely with the client and the development team on bringing forward Manchester Tower.
“It’s a site we know very well, having spent three years on the opposite side of the road building Axis, and our team is looking forward to starting work on this fantastic project.”
I actually really like this development and the design, although I think maybe the roof could be a tourist attraction and have a roof bar.
By Luke
Another high rise building for the centre of Manchester.The developers should be made to pay the Council tax on these properties as soon as they have been completed and even if they are left empty before they are sold .
I assume that car parking spaces have been allowed for as part of the Planning Approval .Have the local Fire Safety Department seen the plans and agreed that there is a safe means of evacuating the building if there us a fire and allowing for any disabled occupants.
By Paul Griffiths
Brilliant! What a way to finish the week.
By Andrew
It will fill that gap on Whitworth street and create a canyon for the trains on one side and the trams on the other to go through. I looks good, particularly in the second picture.
By Elephant
’is there a safe means of evacuation’? What a bizarre comment. We get it , you don’t like towers. You are living in the wrong city , or rather the wrong century to reverse that one. All new buildings have to comply with planning procedures, it isn’t selective .
By Anonymous
its alright throwing high rise all over the place but Manchester is Manchester, not New York.
By L1
Great news. Like the design for this one. Three years to build it though?! Should of got Renaker to build it lol
By Steve
Looks good, but where will they put all the gig posters now? 🙂 Another city centre pedestrian footway lost for two years to a construction site.
By Bob
And the affordable housing component is going to be??…
By Anonymous
Oh I don’t know L1, this is quite a good design and I know there’s a lot more to come but 35 floors may be ‘high rise’ in some places but it’s a bit of a tiddler around Manchester these days.
By Tufty
Paul Griffiths – Council Tax is payable on all completed and empty properties
By SC
fantastic, Manchester goes from strength to strength!
By stewart
Finally block that awful LED screen! The view from Mosely Street will look much better with it blocked
By CityCentre
Axis tower seems to have been edited out of the top image!
By AngryfromManchester
Wont the planning consent have expired if it was granted in 2015 and no start has been made? A new application will trigger a new s106 and all that goes with it!
By Planning Guru
Unfortunately this building is behind Axis, so the screen will still be visible
By Manc
@CityCentre – don’t think it will block that screen from Mosley Street if it’s opposite the axis building and next to the City Road Inn. Looks like whoever did the CGIs has simply removed Axis entirely by the look of it… They also seem to have removed the Tower of Light (Though I suppose given the information presented, that could be a v old CGI)
By Alex
Alex. The first picture I saw in Manchester Confidential years ago. It is a very old photograph.This might turn out to be another St. Michael’s drama.
By Elephant
Planning in 2015…. Isn’t that like 6 years ago and will have expired meaning they have bought a v expensive piece of real estate that needs to go through a new planning application??
By Bev
You can renew planning applications, plus they may have started some of the ground works, which may have constituted a “start” in the eyes of the planning dept.
By IMHO
Lovinggg Manchester’s building boost!! I love all these buildings being made which is really going to put Manchester on the map bringing in tourists and increasing economy
By Anyonmous