13 Feb 2020 16:01
13 February 2020
U and I Group PLC
Positive planning decision for Phase 1 at Mayfield in Manchester
U+I (LSE:UAI), the specialist regeneration developer and investor, today announces that Manchester City Council has unanimously resolved to grant planning permission for Phase 1 at Mayfield, subject to the standard six week procedural and judicial process. Phase 1 will deliver extensive public space, including a 6.5 acre beautifully landscaped public park, 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.
This is the first major milestone at this £1.4 billion Gross Development Value scheme, which 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.
The overall scheme is expected to deliver c.£40-60 million of profit and c.£40 million in development management fees to U+I over its c.15 year lifespan. Work on the site starts in autumn 2020 and development management fees start to accrue to U+I in FY2021.
Richard Upton, Chief Development Officer at U+I, commented:
"Mayfield is already making a major impression, welcoming 330,000 people through its doors in 2019 and generating over £10 million for the local economy. Mayfield has lain derelict for over 30 years; this resolution to grant planning is the first step to realising the potential of this iconic site as we create an inclusive, diverse and socially and economically productive neighbourhood for businesses, residents and visitors. The scheme will create over 10,000 office, retail, leisure and construction jobs."
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 >£11.5 billion portfolio of complex, mixed-use, community-focused regeneration projects including a £147.1 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