Select Property has secured an impressive £128.5 million in development finance, marking a significant milestone in the construction of One Port Street, a prominent residential development located just outside Manchester’s bustling Northern Quarter. The development will bring a 33-story tower with 477 apartments.
Adam Price, the CEO of Select Property, is enthusiastic about this achievement, emphasizing the robust interest it has garnered from both investors and financiers. He underscores the promise of One Port Street construction, which is set to offer a premium urban living experience, complete with luxurious amenities and a contemporary design that will adorn both individual apartments and communal spaces. Furthermore, this development isn’t merely about creating residences; it’s about fostering a vibrant community that will bridge the gap between the Northern Quarter and Ancoats, two of Manchester’s most thriving locales. This initiative is poised to inject a significant economic boost into the city.
Select Property’s journey to bring One Port Street construction to life has been anything but straightforward. After acquiring the Port Street site for £12.95 million from Town Centre Securities, they navigated a challenging planning approval process, facing initial rejections from Manchester City Council. However, a reduction in the building’s height from 34 to 33 storeys ultimately garnered approval from planners in July 2022.
Completion Date for One Port Street Construction
The construction of One Port Street is set to be completed in 2025. Designed by the renowned architects at SimpsonHaugh, this project stands as an architectural marvel featuring an impressive 11-storey block. The shorter section faces Great Ancoats Street, while the towering part overlooks Port Street. With substantial financial backing from Maslow Capital, the main contractor, Renaker, can now accelerate the construction process.
One Port Street construction in Manchester isn’t the first collaboration between Maslow Capital and Select Property. They previously joined forces for the development of CitySuites II, further solidifying their commitment to reshaping the landscape of residentials. Matt Pigram, Senior Partner at Maslow Capital, acknowledges the transformative nature of One Port Street construction. That is setting new standards in residential living and addressing the pressing housing shortage in the UK. The partnership between these industry leaders is a testament to their shared vision for the future of urban living.