14th Nov 2014 08:14
LONDON (Alliance News) - Development Securities PLC shares were up in early trade on Friday after the company said it has been given planning permission for a 27-storey residential development in Manchester.
The property company has partnered with Property Alliance Group, a Manchester-based developer, on a 172-unit residential tower, called Axis Tower, in central Manchester.
Manchester City Council has now given planning permission for the project.
The pair anticipate starting work on the site in early 2015 and are targeting completion in the fourth quarter of 2016. They have estimated the development will cost GBP40 million.
Development said that more than half the units in the tower have already been reserved for sale.
Shares in the company were up 2.1% to 224 pence in early trade, putting it among the best performers in the FTSE All Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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