Joint venture confirmed for £110m development

Logik Developments and Sir Robert McAlpine Capital Ventures (SRMCV) have confirmed a joint venture (JV) to develop a 24-storey, 355-unit build to rent project on Arundel Street in Manchester.The £110m development, located in the Castlefield basin, is expected to contribute to the regeneration of the area and bring “significant social value and sustainability benefits” to local communities.This is considered to be a “key milestone” towards the delivery of this BTR scheme, after Logik obtained planning consent for the development in 2019.The JV is now working to secure a forward funding partner to develop out the scheme.Neil Spencer, managing director at Logik Developments, said: “Our two business are aligned in values and ambitions, and we look forward to seeing this project move to the next stage.”The development of this BTR scheme will add to the strategic importance of the Castlefield Basin in the city. The high quality of the design will complement the area and bring many benefits to the local community.”Robert Wotherspoon, chief executive of SRMCV, added: “This fantastic project in the heart of Castlefield reinforces our strong track record of successfully delivering BTR schemes across England.”We greatly look forward to the start of our partnership with Logik Developments.”