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Mixed-use scheme to be built in Castlefield

14/05/2008

New apartments, offices, a gymnasium, three-storey parking and shops are to be built in the Castlefield area of Manchester, it has emerged.

Manchester-based MCR Properties has secured a £60 million loan to build the development at One Water Street, reports Crain's Manchester Business magazine.

The mixed-use scheme will consist of two towers - 17 and 29 storeys high - and will contain 319 residential units.

Of these, 221 apartments will be for sale, while the remaining 98 will be available for rent.

Mike Hayes, director of investment at MCR Properties, told the publication: "We're confident there is a market for this sort of development on this area."

MCR claims to be expanding rapidly and is on target to reach its milestone of a £1 billion portfolio by the end of the decade.

Flagship developments sites include Didsbury Point in south Manchester, which comprises 152 apartments, duplexes and houses.