Select Property Group has signed heads of terms on a joint venture partnership with the Greater Manchester Property Venture Fund to build a 677-home PRS tower.
It said its £247m Affinity Living PRS scheme at Circle Square will be the largest fully funded PRS scheme in Manchester.
The project forms the first phase of the £750m Oxford Road mixed-use development that offers office, retail, serviced apartments and flats.
Wates is understood to be on board to start construction on the 677-home project in August. This will involve delivering a 12-storey and 17-storey building at the former BBC site.
The higher block will also provide retail and start-up commercial space at ground and mezzanine floor with new public realm space, including walkways along the River Medlock.
Mark Stott, chief executive of Select, said: “This landmark deal will cement the delivery of all residential components of the Circle Square scheme.”
Select plans to deliver more than 1,800 apartments in Manchester under the Affinity Living brand over the next three years.
The office element of the £750m Circle Square is also due to be on site before the end of 2017 with tendering already underway.
from Construction Enquirer http://www.constructionenquirer.com/2017/03/15/funding-deal-for-manchesters-largest-prs-scheme/
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