13th Feb 2020 18:43
(Alliance News) - U & I Group PLC said Thursday that the Manchester City Council has unanimously resolved to grant planning permission for phase one at the Mayfield development.
Phase one is expected to deliver a 6.5 acre public park, a nine storey 75,900 square feet office building, 13-storey 244,000 square feet office building and a 581-space multi-storey car park.
The overall scheme is expected to deliver GBP40 million to GBP60 million of profit, and around GBP40 million in development management fees to U & I over its 15-year lifespan.
Work on the site starts in autumn, and development management fees is set to start accruing in financial 2021.
"Mayfield is already making a major impression, welcoming 330,000 people through its doors in 2019 and generating over GBP10 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 visitor," said Chief Development Officer Richard Upton.
Shares in U & I Group closed 3.3% higher at 184.00 pence on Thursday in London.
By Dayo Laniyan; [email protected]
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