A major milestone has been reached for a £185m scheme to build two landmark high-rises in Manchester city centre.
The New Victoria development will include 520 homes built over two towers - of 20 and 25 storeys in height - and is being let by Pension Insurance Corporation plc (PIC), Muse and contractor VINCI Building.
The topping out of construction was marked by a ceremony today with senior leaders from Manchester City Council, Homes England, PIC’s chief executive Tracy Blackwell, Muse director David Burkinshaw and Garry Bowker of VINCI Building.
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The development has repurposed a former car park adjacent to Manchester Victoria station and secured a £130m investment from PIC in September 2020.
Tracy Blackwell said: "We’re incredibly proud to mark the topping out of our first build-to-rent development. Not only has this development incorporated leading design features including on safety and environmental standards, it has also seen the creation of considerable social value through jobs and education.
"As recently as five years ago, many thought construction on this site would never happen, but standing here today I’m delighted by what can be achieved by a group of forward thinking, innovative and committed teams working together with a shared vision.
"PIC has invested £600m so far in similar projects around the country, and we look forward to investing considerably more as our business continues to grow and we seek to back the pensions of our policyholders with long-term, secure cashflows."
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Mr Burkinshaw, development director at Muse, added: "We’re delighted to welcome both partners and PIC policyholders to the scheme as we mark this huge milestone at New Victoria.
"Our work here is transforming an underutilised gateway site that needed regeneration, into a vibrant place that provides much-needed homes in the city centre, alongside some of the best amenities around.
"This can only be achieved in partnership with likeminded businesses, who share a common goal to deliver the best for the community."