U&I appointed to develop £850m Mayfield Quarter

19th Sep 2016 08:30

(ShareCast News) - Mixed-use property regeneration company U&I announced on Monday that it has been appointed by the Mayfield Partnership to develop the £850m Mayfield Quarter urban regeneration project in Manchester.The London-listed firm said it will commit up to £20m equity to the project, with an ambition to submit an outline planning application in Q2 2017, and a detailed planning application for the first phase of development in Q3 2017.U+I said the Mayfield Partnership is a public sector consortium comprising Manchester City Council, Transport for Greater Manchester and LCR.The redevelopment will deliver a mixed-use community on a 24-acre gateway site adjacent to Piccadilly station that has been derelict for more than a decade, with the proposed master plan including the construction of over 1,000 homes, a new hotel and 807,000 sq. ft. of offices as well as leisure and retail space, with the potential to create 7,500 jobs."We are very proud to be selected as the preferred partner on this unique project, underlining our strengths in mixed-use regeneration and public private partnership projects," said chief executive Matthew Weiner."U+I has built a successful track record working alongside public sector bodies to deliver innovative and award-winning schemes."Weiner said the project underlined the company's commitment to Manchester and its focus on targeting large scale regeneration opportunities, in line with the board's strategy."It adds significantly to our portfolio across the UK and follows our appointment as development partner at 8 Albert Embankment in partnership with the London Fire and Emergency Planning Authority and Cockpit Yard in partnership with Camden Council earlier this year."Sir Richard Leese, Leader of Manchester City Council, said the council is "delighted" to have appointed U+I as the development partner for the Mayfield Quarter."It was a challenging decision given the exceptionally high calibre of candidates; however, we were particularly impressed by U+I's innovative approach."The regeneration of this key gateway site, along with the proposed Network Rail Northern hub scheme and the HS2 station will ensure a lasting legacy for Manchester and over time contribute towards fulfilling the Northern Powerhouse growth agenda," Leese explained."We are confident that U+I has the expertise and experience to successfully drive this world-class development forward and are now excited to see our vision for Mayfield take shape."