Piccadilly Basin redevelopment ‘shows property investment is on a high’
PROPERTY investment company Town Centre Securities says its contract to bring forward Brownsfield Mill – part of its redevelopment plans for Manchester’s Piccadilly Basin – is part of its largest building programme in 50 years.
TCS has exchanged contracts with regeneration company Urban Splash, on the scheme to bring the mill back into use, creating some of the largest apartments in Manchester.
Edward Ziff, chief executive and chairman of TCS, said: “It is clear that despite increased uncertainty in the wider economy following the UK’s vote to exit the European Union there are also opportunities.
“TCS is a vastly experienced property investment and development company, and our ongoing strategy to recycle capital and dispose of investments where our asset management initiatives have been concluded, has placed us in a positive cash position to invest further and bring forward developments in our desired locations of Leeds, Manchester and London where we see opportunities to add both rental and capital value.”
Tom Bloxham, chairman and co-founder of Urban Splash, said of the Brownsfield Mill project: “It is a great canalside Victorian building and we are looking forward to developing it into some of Manchester’s biggest and best loft apartments.
“It’s great to be back in the Northern Quarter continuing its redevelopment that we helped to kick start 20 years ago.”
Elsewhere in Manchester, a development agreement has also been signed between TCS and Belgravia Living Group to develop out the 91 apartment scheme on Tariff Street.
David Shann, finance director for Belgravia Living Group, said: “We remain confident in the strong residential market within Manchester and will be breaking ground on site shortly with expected completion in approximately 18 months’ time.”
Earlier this year, Leeds-based TCS began the delivery of a number of large development projects and in a clear sign of confidence for the commercial and residential markets the company continues to add new projects to this extensive pipeline.
TCS has assets of approximately of £355m. Its current portfolio delivers an annual income of more than £22m.