Vita Group in deal to deliver Enterprise City living
Allied London has formed a strategic partnership with Vita Group as the two developers join forces to deliver the first phase of residential development at Enterprise City in the heart of Manchester.
Under the first part of the agreement Vita Group has acquired the site of what was originally planned to be the Nickel and Dime-branded PRS-scheme, for an undisclosed sum, with the developer poised to unveil new plans for the scheme shortly.
Alderley Edge-based Vita Group and Allied will work together to reconfigure this first residential element of Enterprise City, which is located adjacent to the Manchester Goods Yard building – the future global headquarters for Booking.com’s transport division.
In the second element of the deal, Allied London and Vita Group have formed a joint venture to work on a revised masterplan for the Riverside plots, also within Enterprise City, that will include further residential space.
Michael Ingall, Allied London chief executive, said: “In Vita, we have chosen a partner that shares our ambition for Enterprise City to become the UK’s new home for modern industry, and that has the expertise and capability to deliver state-of-the-art, responsive development across all sectors of living.
“I’m excited about working together on plans to create an innovative residential offering that will cater to the needs of tomorrow’s workforce.”
He added: “It’s no longer a case of just putting up two or three residential towers and hoping they work – I want the offer to be appropriate, sustainable and affordable. Many of our commercial tenants have attested to appropriate accommodation close to the workplace.
“For us, the agreement is ideal as it allows us to divest part of our land-holding to a best-in-class operator with plans to bring forward new development quickly, while working in concert with them to help deliver on our overall vision.”
Mark Stott, Vita Group chief executive, said: “We are delighted to be working with Allied London to deliver innovative living spaces for the city’s brightest talent.
“Enterprise City will be a neighbourhood based around culture, innovation and the future of commerce and deserves world-class accommodation that matches this vision. We look forward to sharing our plans in the coming months.”