Naismiths secures role in Manchester homes project
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Property consultancy Naismiths has been appointed by developer Factory Estates to help deliver a multi-million pound residential development in Manchester city centre.
The Citu NQ scheme on Tib Street will continue the regeneration of the city’s Northern Quarter.
Naismiths will act as project monitor on the 183 unit nine-storey development, which will also include retail space, roof top gardens and private gardens for residents.
Maslow Capital is funding the scheme. Work is expected to commence on site this month (June). It is forecast to take 20 months to reach practical completion. Bolton-based Forrest Construction has been appointed contractor.
The site is currently used for car parking and is bounded by Tib Street, Church Street, Joiner Street and Bridgewater Place. Black Dog Ballroom, the Britannia Sachas, and the Grade II-listed Debenhams building surround it.
Alastair Milton, associate director at Naismiths in Manchester, said: “This is an exciting project for the city which will provide the residential market with a major boost. It demonstrates confidence in Manchester as more and more millions are being invested.”
Chris Bowman, owner of Factory Estates, said: “This is an important scheme in an excellent location, which will play an important role in providing homes for the increasing numbers of people that want to live in this great city.”
Art fans have been assured that a well-known sculpture, The Big Horn, which occupies the site will be kept in storage until a new location is identified. It will then be gifted to the city. It is a giant trombone structure that snakes around the remains of a red brick mill, created by Cornwall artist David Kemp.
The Manchester city centre residential sector is currently booming with the construction of new homes increasing by 400% over the last two years. The number of units being built increased from 986 across 12 sites at the end of March 2015, to 4,954 across 28 sites at the end of March this year.
Naismiths is a national multi-disciplinary, independent property consultancy with offices in London, Birmingham, Bristol, Manchester, Leeds and Leicester. Its range of services includes project monitoring, project management, building surveying and dispute resolution, restructuring and recovery.