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22 October 2002
Our partners' confidence in these locations is an endorsement of our own strategy in targeting large brownfield mixed-use development opportunities.
Richard Cherry, Group New Business Director.
Countryside Properties PLC, the developer of sustainable mixed-use and mixed-tenure communities, has entered into separate joint venture arrangements on two major new developments in Manchester, with a total value of £127 million.
Countryside Properties will be developing, subject to planning permission, the £65 million commercial element of its new high profile mixed-use Didsbury Point scheme, in a joint venture with U.S. developer Liberty Property Trust. 275,000 sq ft (25,550 sq m) of business space, together with a 150 bedroom hotel and restaurant is proposed fronting Princess Parkway, midway between the City Centre and the airport. Work is scheduled to commence in early 2003. Countryside Properties will also be developing 385 homes on the balance of the site comprising 31.3 acres (12.7 ha) which has been granted outline planning permission.
At Salford Quays, Countryside Properties has entered into its first joint venture with GE Real Estate to develop the former Dock 9 which is a short distance from both the Lowry Centre and the Imperial War Museum North. Countryside Properties has recently obtained planning consent for 246 luxury residential apartments arranged in 3 separate 17-storey towers. The £62 million development is to be known as the NV Buildings. Contractors are to start work early in 2003 and should be complete in 2007.
These schemes follow the announcement in July 2002 of Countryside Properties' participation in a joint venture with Citigroup Alternative Investments for the development of a substantial mixed-use development at Booth Street in Manchester City Centre.
Scott Parsons, GE Real Estate's UK Head of New Business, commented: "Countryside Properties has become one of the leading players in the regeneration arena and the transformation of Manchester has made it into one of the UK's most exciting cities. We are therefore delighted to be undertaking our first ever UK residential development with such a knowledgeable partner in such a vibrant setting.
"We look forward very much to working with Countryside Properties to bring this eye-catching development into fruition and to forging a long-term partnership for this and future projects."
Richard Cherry, Group New Business Director said, "Countryside Properties is delighted to be entering into these high profile joint venture arrangements in the North West. We have built up a good relationship over a number of years with Liberty Property Trust and have already successfully concluded a number of joint venture projects with them elsewhere. We are also delighted to be carrying out our first JV with GE Capital Real Estate and hope that this will be the first of many across the UK.
"Our partners' confidence in these locations is an endorsement of our own strategy in targeting large brownfield mixed-use development opportunities. It is also a further example of our successful and continuing organic growth in the North-West region."
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Information correct as at 22/10/2002