Bruntwood and Select Property have unveiled plans for the second phase of Circle Square – a 2.2m sq ft regeneration scheme at the former BBC site in Oxford Road, Manchester.
The joint venture partners, which are collaborating for the first time with this project, have already started work on the first phase of the scheme – a 750 studio-flat development aimed at international and postgraduate students.
The next phase of the scheme will include two PRS towers totalling 674 flats, 85,000 sq ft of shops and amenities and 390,000 sq ft of offices.
Ken Knott, chief development officer at Select Property, said: “The name, Circle Square, is deliberately provocative and challenging. We are very keen that this isn’t going to be just another mixed-use development.”
He said that by sourcing independent retailers, targeting science and technology occupiers and creating a 20,000 sq ft public events space, the developers hoped to create a diverse new neighbourhood.
Bruntwood will continue to own and manage the retail and leisure offering after the scheme is built in order to make sure the scheme provides the right kind of occupiers with a focus on independents.
Select Property, which is looking for an investment partner for its PRS schemes, has committed to managing the flats after construction for at least 10 years.
The partners intend to submit a planning application in January for the next phase, which is estimated to have a gross development value of £0.5bn.
If approved, it would mean two-thirds of the masterplan would be delivered by the end of 2018.
The final phase of the plan will include a 65,000 sq ft hotel and three more commercial buildings, one of which has been earmarked for a major science and technology occupier looking to benefit from the scheme’s proximity to the University of Manchester and National Graphene Institute.
