Deal signed for Manchester Victoria scheme

Leading urban regenerator, Muse Developments and Morgan Capital have signed a major deal to bring forward the second and final phase of development at New Victoria – the £190M gateway scheme in the heart of Manchester city centre.

This phase will see a 13,900m² Grade A, eight-storey office building delivered, with the ambition for it to be a best-in-class, sustainable development.

In 2020 during the first lockdown, Muse announced a £130M deal with Pension Insurance Corporation to fund and operate the 41,800m² residential phase of the scheme which, once complete in 2024, will deliver 520 high-quality homes across two 20 and 25-storey buildings respectively.

New Victoria is said to benefit from being in an unparalleled location, close to the city’s premier retail and leisure amenities, and adjacent to Manchester Victoria Station – the city’s second largest public transportation hub.

David Burkinshaw, Development Director at Muse, said: “Hot on the heels of the £130M deal to deliver the residential phase, we’re proud to sign with Morgan Capital, who will deliver and own the commercial phase. This deal also represents another ringing endorsement of what we’ve achieved at New Victoria and in Manchester.

“Our vision was always to repurpose this key area in the heart of the city centre, driving inward investment, creating truly special places to live, work and socialise, while creating prosperity for all, and we look forward to seeing another place-changing scheme delivered in the heart of Manchester.”