The AG multi-disciplinary team have been advising Pension Insurance Corporation (PIC) on its first Build to Rent scheme - the 450,000 ft new development in the heart of Manchester, which was announced on Tuesday 1 September 2020.
The New Victoria site, which has been purchased from Network Rail, is situated next to Manchester Victoria train station. The scheme will bring forward a total of 520 new homes, built over two buildings as well as commercial space. The development scheme is being delivered by Muse Developments alongside Manchester City Council, with VINCI Construction leading on the development. PIC will operate the scheme going forwards.
The AG team was led by Andy McVeigh (Head of Construction and Development, London) and supported by Peter Hardy (Real Estate), Sam Cary (Construction, Engineering & Environmental), Kathryn Green (Real Estate), Sam Comer (Construction, Engineering & Environmental), Peter Sayer (Tax), Liam Diggins (Investment Management Group), Robert Oates (Banking and Finance) and Ian Kynoch (Banking and Finance).
Andy McVeigh, who led the team advising PIC, said: "It's great to be supporting our client on establishing their Real Assets platform with their first prestigious Build to Rent Scheme in the heart of the city centre in Manchester. All parties have worked in true collaboration to get this significant project off the ground and it is testament to investor confidence in the UK that high quality regeneration and mix-use developments such as this, that support communities, still have a very big part to play in driving the economy. We are really proud to be playing our part and supporting our clients in the transformation of Manchester's City centre."