Funding deal gives green light to United Living for Manchester PRS scheme

The 1NQ scheme on Manchester’s Tariff Street

Start of building works on the 1NQ scheme on Tariff Street in Manchester comes after developers Marco Living and Axis Real Estate agreed a £75.6m forward-funding deal with the Singapore-listed real estate company City Developments Limited (CDL).

Full planning permission was obtained last month. CDL plans to develop the site into two new-build 10- and 12-storey apartment blocks housing a mix of 1-, 2- and 3-bedroom flats with two commercial units on the ground floor.

Main contractor United Living New Homes is expected to complete in 2026.

Consultants involved with the project include Primas, JMW, Ashurst, CBRE, Leach Rhodes Walker, TPM, Fairhurst, Crookes Walker, Avison Young, Quantem, Asset Building Control & Jensen Hughes.

Axis RE co-founder Nick Mullins said: “Manchester City Council’s clarity of its strategic approach and direction within this area of the City Centre will now enable us to bring 1NQ to life in what continues to be a particularly challenging economic environment.

“We are excited to be working with CDL and United Living Group to deliver the project and this deal is testimony to what we can achieve as a company and is another step forward in the long-term regeneration of this part of the Northern Quarter. Both parties share our vision for the development and the delivery of high quality, sustainable and energy-efficient apartments.”

1NQ is CDL’s fourth private rented sector (PRS) project in the UK since 2019. The first was a development site for a 665-unit project in Leeds called The Junction. This was followed by another two acquisitions in 2021 – a 352-unit forward-funded project in Manchester named The Castings, and The Octagon in Birmingham, with 370 units. The Junction has obtained practical completion for three out of five blocks (comprising 307 units). The remaining two blocks with 358 units are on track for completion before the end of December. 1NQ is CDL’s first UK PRS acquisition under a forward-funding arrangement.

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