New JV formed to deliver £110m Arundel Street BTR scheme
A new joint venture has been formed to deliver a 24-storey 355-unit build to rent development as part of a £110m scheme on Arundel Street, in Manchester.
Logik Developments and developer, Sir Robert McAlpine Capital Ventures (SRMCV), will work on the Castlefield basin project, opposite Deansgate Square Towers, which is expected to contribute to the regeneration of the area and bring significant social value and sustainability benefits to local communities.
This is a key milestone towards the delivery of this BTR scheme, after Logik obtained planning consent for the development in 2019.
The joint venture is now working to secure a forward funding partner to develop out the scheme.
Neil Spencer, Logik Developments managing director, said: “We are excited to have created the JV with SRMCV.
“Our two business are aligned in values and ambitions, and we look forward to seeing this project move to the next stage.
“The development of this BTR scheme will add to the strategic importance of the Castlefield Basin in the city. The high quality of the design will complement the area and bring many benefits to the local community.”
Robert Wotherspoon, CEO of Sir Robert McAlpine Capital Ventures, said: “Today marks the beginning of another significant project for SRMCV.
“This fantastic project in the heart of Castlefield reinforces our strong track record of successfully delivering BTR schemes across England.
“We greatly look forward to the start of our partnership with Logik Developments. We share Logik’s ambitions for achieving a quality residential neighbourhood with high sustainability targets with a focus on creating social value that benefits the local community. We look forward to bringing the vision to life.”
This joint venture follows the announcement of a previous joint venture for the site in January 2020, between Logik and High Street Residential (HSR), which is part of the Newcastle-based High Street Group.
