Following last week’s acquisition of the Kudamm Karee, in Berlin, Ballymore today announced the acquisition of a site to develop Europe’s tallest residential building next to Manchester Piccadilly station. Construction on the 60 storey building will start early next year.
Ballymore, the Irish associated international property development and investment group, has taken a 95% interest in the Piccadilly Tower project, a 1 million square feet (93,000 square m) mixed use development. In addition to the Piccadilly Tower, there will be two lower buildings on the site. The project has been designed by Woods Bagot architects. The project was previously jointly owned by Merepark and M2Evolve which obtained detailed planning approval. Merepark is exiting to concentrate on other schemes in the region while M2Evolve will retain a 5% interest.
The Piccadilly Tower will have 430 residential units in phase one. The second development phase will see a further 267 residential units added and a luxury hotel. The site is beside the Ashton Canal Basin and will have direct access to Manchester Piccadilly station.
Sean Mulryan, Chairman and Chief Executive of Ballymore said:
“The Piccadilly Tower is an important project and we are delighted to have acquired a majority interest. Ballymore places enormous emphasis on using state of the art architecture and technical excellence in order to consistently develop our commercial, residential and mixed-use properties to the highest possible standards. Designing and developing the tallest residential tower in Europe will further underline our position as a leading developer and trusted partner.
“Our focus remains on the regeneration of inner-city sites close to good transport links and this canalside project is a perfect example. Manchester is an international, dynamic and cosmopolitan City and a development like this will be a great addition to both industry and the local community. It is a great tribute to the vendors of the Piccadilly project that they had the vision for this site and secured the land and the necessary permissions.”
Sir Howard Bernstein, Chief Executive of Manchester City Council said:
“This is an important scheme for the City in general and, especially, for the Piccadilly area in the heart of the City which is transforming itself into an exciting destination quarter.
We look forward to a new relationship with Ballymore, a leading international developer, which will bring longstanding benefit to the City.”