Muse proposes Northern Quarter apartment block

MUSE Developments is to kick-start the next phase of its Smithfield regeneration project in Manchester.

The Salford Quays-based developer has submitted a planning application for a ten-storey building close to the new Holiday Inn Express in the Northern Quarter. It will be a residential-led scheme with 77 new one-, two- and three-bedroom apartments and 6,000 sq ft of commercial space on the ground floor.

Wes Erlam, senior development surveyor at Muse Developments, said: “Muse is committed to bringing this next phase of development forward.

“Our plans complement the existing neighbourhood and build on our continued investment in the city centre.  

“We are now in the process of progressing funding approvals to enable a start on site later this year subject to planning consent.”

Smithfield has been developed in several phases over the last decade. The scheme includes both the Holiday Inn Express and Crowne Plaza hotel buildings as well as the Design House apartments.

The scheme will be the first city centre residential block to begin since the onset of the recession and is a sign that demand for apartments remains undiminished, although a lack of affordable finance means that demand is being driven by the rental market.

Earlier this year, Jones Lang LaSalle’s research director Jon Neale forecast that the market should witness rental growth of over 6% in 2013 and above-average rates of 3-5% in future years.

“Central Manchester will be a brighter beacon of light with price growth pretty strong from 2013 as an improving economy and greater demand meets perennial undersupply,” he said.