Logik Developments and Sir Robert McAlpine Capital Ventures (SRMCV) have formed a joint venture to develop a £110m, 355-unit build-to-rent (BTR) scheme on Arundel Street in central Manchester.
The 24-storey development is located in the Castlefield basin, opposite the Deansgate Square Towers. Logik obtained planning consent for the development in 2019 and the joint venture partners are now seeking a forward-funding partner to develop out the scheme.
Neil Spencer, managing director at Logik Developments, said: “We are excited to have created the JV with SRMCV. Our two business are aligned in values and ambitions, and we look forward to seeing this project move to the next stage. The development of this BTR scheme will add to the strategic importance of the Castlefield Basin in the city. The high quality of the design will complement the area and bring many benefits to the local community.”
Robert Wotherspoon, CEO of SRMCV, added: “Today marks the beginning of another significant project for SRMCV. This fantastic project in the heart of Castlefield reinforces our strong track record of successfully delivering BTR schemes across England. We greatly look forward to the start of our partnership with Logik Developments. We share Logik’s ambitions for achieving a quality residential neighbourhood with high sustainability targets with a focus on creating social value that benefits the local community. We look forward to bringing the vision to life.”
