4 Aug 2020 11:25
4 August 2020
U and I Group PLC
Mayfield in Manchester secures £23 million in Government funding
U+I (LSE:UAI), the specialist regeneration developer and investor, announces that Mayfield in Manchester has secured £23 million in grant funding from the Government's £900 million Getting Building Fund.
This is a major milestone for this £1.5 billion Gross Development Value scheme, as the funding primes the first phase of Mayfield for delivery, ensuring work can start on Manchester city's first public park in over one hundred years in the final quarter of 2020. Other parts of Phase 1 include a nine-storey 75,900 sq.ft. office building, a 13-storey 244,000 sq.ft. office building and a 581-space multi-storey car park in the heart of Manchester. These will also start construction this year, with the first buildings completed in 2022.
The overall scheme is expected to deliver c.£60-80 million of profit and c.£40 million in development management fees to U+I over its lifespan. Development management fees start to accrue to U+I in FY2021.
The scheme is being brought forward by the Mayfield Partnership, a public-private venture comprising U+I, Manchester City Council, Transport for Greater Manchester (TfGM) and LCR.
Richard Upton, Chief Development Officer at U+I said:
"This £23 million Government funding recognises the potential of the Mayfield scheme, which is a shovel-ready "levelling up" project that can help stimulate the North West's recovery from Covid-19. As well as creating one of the largest city-centre regeneration sites in the UK, our scheme will turn unused, unproductive land into a new vibrant neighbourhood, creating 13,000 new jobs, 1,500 new homes and a wide range of community and leisure uses. The funding will enable the crucial first phase of development, creating critical, accessible and quality public space in the heart of Manchester. The first infrastructure phases of the scheme will be delivered in early 2022."
ENDS
For further information, please contact:
U+I
Nicola Krafft
+44 (0) 20 7828 4777
ir@uandiplc.com
Camarco (Financial PR Adviser)
Geoffrey Pelham-Lane / Tom Huddart
+44 (0)20 3757 4985 / 4991
uandi@camarco.co.uk
About U+I
U+I is a specialist regeneration developer and investor.
With a >£10.8 billion portfolio of complex, mixed-use, community-focused regeneration projects including a £130.6 million investment portfolio, we are unlocking urban sites bristling with potential in the London City Region (within one hour's commute from Central London), Manchester and Dublin. We exist to create long-term socio-economic benefit for the communities in which we work, delivering sustainable returns to our shareholders.
To find out more, visit www.uandiplc.com or follow us @uandiplc