Deal for final phase of Manchester’s New Victoria scheme

Urban regeneration specialist Muse has struck a deal with investor Morgan Capital to bring forward the second and final phase of the £190m New Victoria scheme in the heart of Manchester city centre.It paves the way for a 150,000 sq ft eight-storey office building delivered at the 2.5-acre site on Corporation Street.During the first lockdown, Muse announced a £130m deal with Pension Insurance Corporation to fund and operate the 450,000 sq ft residential phase of the scheme, which once complete in 2024, will deliver 520 homes across two 20 and 25-storey buildings.Vinci Construction started this residential element last autumn.New Victoria benefits from being in an unparalleled location, close to the city’s premier retail and leisure amenities, adjacent to Manchester Victoria Station – the city’s second largest public transportation hub that has benefitted from a major programme of regeneration in recent years.