Landmark deal struck for £60m New Victoria development

A major deal to bring forward the second and final phase of development at New Victoria – the £190m gateway scheme in the heart of Manchester city centre – has been signed.Muse Developments has struck the £60m agreement with Morgan Capital.It concerns the 150,000 sq ft, grade A, eight-storey office building element of the wider masterplan.The team at Morgan Capital – working in a joint venture with a European Family Office – has been actively searching for the “perfect opportunity” to enter the North West market to invest in a high-profile scheme to hold for the long term.With this commercial phase at New Victoria, the company feels it has “found it”.The agreement comes on the back of Muse announcing a £130m deal with Pension Insurance Corporation last year to fund and operate the 450,000 sq ft residential phase of New Victoria, which once complete in 2024, will comprise 520 homes across two 20 and 25-storey buildings.JLL represented Muse, with BSB Real Estate acting on behalf of Morgan Capital.