High Street Residential (HSR) – part of Newcastle-based High Street Group has announced it has agreed to a joint venture (JV) partnership with specialist residential developer Logik Developments.
As part of the deal, HSR has bought into Logik’s £100 million private rental sector, Arundel Street development in Manchester and will also assist with a variety of tasks including funding, planning design and development of the project.
Highlighting the demand and need for the Manchester development, High Street Group Chairman Gary Forrest said: “Manchester is a thriving city with a growing number of high-tech and media businesses and the demand for housing in the area has increased significantly.
“Over 19% of people currently prefer to rent, and that figure is expected to rise rapidly in the future. We aim to meet this demand, by delivering high-quality living spaces in town and city centres, with communal relaxation and leisure facilities where people can meet, form friendships and build new communities.”
The Arundel Street development is located on the former home of historic Mancunian firm Dot Cycle and Motor Manufacturing, whose building was acquired by Logik in 2017. The 355-unit scheme will be the developers first major project in Manchester and will comprise of three blocks of up to 23 storeys, with a mixture of luxury one, two and three-bedroomed apartments.
In addition to the series of apartments, Arundel Street will also comprise of rooftop gardens as well as commercial, retail and leisure space.
The JV partnership between the two firms is currently in advanced talks with contractors for the site, with preparation work and demolition expected to commence shortly. Construction has been earmarked to begin in Q2 2020.
Neil Spencer, Managing Director of Logik Developments, said; “We are really pleased to be entering into this JV partnership. High Street Residential is an expert in [the] private rented sector (PRS) development and we are looking forward to bringing the delivery of this major scheme forward as a team.
“We have been in talks for some time and are hopefully looking to extend this relationship across further development opportunities. Arundel Street is a key site for Logik, with the capacity to create outstanding homes in a prominent city-centre location.”