Development Securities and Property Alliance Group have secured planning permission for a 27-storey residential development in central Manchester, UK.
Construction work on the £40m Axis Tower will commence early next year with tendering for the project due to start immediately.
The joint venture will develop the city centre site near Deansgate and Manchester Oxford Road stations into a 172-unit residential tower over 153,000 sqft. The development is due for completion in 2016.
Matthew Weiner, director, development securities said: “Axis Tower is a significant development opportunity for us and will deliver an iconic new residential building in the heart of Manchester.
“With planning now secured, we look forward to progressing the project to the next phase with a start on site anticipated in early 2015.
“The joint venture between Property Alliance Group and ourselves represents a powerful partnership, with extensive experience of the Manchester property market and a strong track record in delivering high quality developments that create vibrant new neighbourhoods.”
Deloitte Real Estate helped secure planning permission.
Director John Cooper said: “We are delighted to have been involved in the delivery of a landmark residential building.
“Axis presents a unique opportunity to provide a high quality residential development on a gateway site, significantly contributing to the housing supply in Manchester’s key southern gateway regeneration area and visually linking the area with the city core”