Plans are on track for the Mayfield mixed-use development in Manchester, England. Recently Landsec agreed with Mayfield Partnership to fund the first phase of the £400 million project.
The agreement allows Landsec/U+I to begin acquiring land for the construction of two office buildings totaling 320,000 square feet. The project also includes the development of a 581-space multi-story car park. Both developments were granted planning permission in January 2020. The developer now anticipates being on site in 2023 with a 24-month schedule to complete the first building, the 76,000 sq ft Poulton, and the car park.
Landsec paid £190 million for developer U+I last year in order to diversify its portfolio of schemes, giving it a stake in the Mayfield Partnership, a public-private partnership that also includes Manchester City Council, Transport for Greater Manchester, and developer LCR.
The first phase of the mixed-use development in Manchester, a 6.5-acre park, opened to the public at the end of September. Mayfield’s overall master plan calls for more than 1.5 million square feet of commercial office development. It also includes 1,500 homes, and a significant food, leisure, and retail offering. All will be built around more than 13 acres of public green space.
The previously hidden River Medlock runs through the heart of the site and was uncovered. Furthermore, it was cleaned as part of the Mayfield Park development.
Read Also: Contract awarded for U2 and U4 subway lines digital train control system in Germany
Construction of the mixed-use development in Manchester
“This is a landmark moment for the Mayfield Partnership. It enables us to continue the significant momentum we have already built with the project,” said Peter Hawthorne, CEO of LCR.
“This deal provides us with an opportunity to begin building at Mayfield with energy. This is following the completion of our 6.5-acre public park earlier this summer. We are very happy to have a deal in place that allows us to move at a reasonable pace. Consequently, we will provide enhanced public value to the surrounding community.
“We are thrilled by the chance to deliver the next phase of our scheme. Thus, we will be able to pursue our commitment to the project. This is also to the city of Manchester,” said Mike Hood, chief executive of U+I.”
“The opportunity to collaborate with our colleagues at Landsec to fund the first phase of development at Mayfield represents significant progress on a strategy to unlock our larger mixed-use regeneration portfolio and is a significant step forward in our mission to become the best mixed-use regeneration investor and developer in the UK.”
