Tue. May 17th, 2022

WhitworthStreet View04b FINAL

The scheme contains 327 apartments for sale. Credit: via EGCC

Dan Whelan

Octopus Finance and a Swiss family office have agreed a £ 9m loan for a joint venture between Featherfoot Whitworth Street and Altrincham-based EGCC Group to complete the purchase of a £ 117m site on Whitworth Street West.

Development funding of £ 78 million Has also been agreed in principle and will be triggered when 30% of the 327 apartments in the tower are sold, according to broker Adapt Finance.

Russell WBHO is in line to start work on the development of the 327 apartment, branded as Manchester Tower, in the second quarter of next year.

The site, next to the City Road Inn pub and opposite Axis Tower, was bought in a £ 8.75m deal on Wednesday, October 6 from Guernsey-based Brigantes, according to the joint venture.

Brigantes won planning permission for the scheme in 2015. Inhabit Residential was then reported to be bringing the project forward, but work never started. Inhabit, which is run by directors of Mercer Real Estate, was dissolved in March, according to the company’s house.

In addition to Russell WBHO as the main contractor, Featherfoot / EGCC is collaborating with Jon Matthews Architects, project manager Ikon, Lambert Smith Hampton and planning consultant Deloitte to take the project forward.

Manchester Tower Pavilion Terrace views

JV bought the place for DKK 8.75 million. £ this week. Credit: via ButlerBancroft

Completion is scheduled for Q2 2025.

Dean Hewart, Director of the Altrincham-based EGCC Group, said: “Good progress has been made in the development of Manchester Tower on Whitworth Street West.

“We have development financing in place, and securing ownership of the site this week was an important milestone for the joint venture partnership. This is a central location, which is ideal for housing development, providing new housing for the city and an exciting investment opportunity for buyers. ”

The development will include a mix of studio, one and two bedroom apartments for sale.

Other elements of the scheme include a rooftop restaurant, bar, gym, private lounge and meeting rooms.

As the site is limited and close to the intersection of two major roads, the construction team will have to contend with limited storage space and access along with the train line’s proximity to Deansgate Station, posing similar challenges to those at Axis Tower, which Russell WBHO completed in 2020.

Manchester Tower, Whitworth Street, P.Heather Bancroft

Jon Matthews Architects designed the scheme. Credit: via EGCC

Gareth Russell, Co-CEO of Russell WBHO, added: “We are pleased to work closely with the client and the development team to bring Manchester Tower forward.

“It’s a site we know very well, after spending three years on the opposite side of the Axis road building, and our team is looking forward to starting work on this amazing project.”

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