Muse and Morgan Capital sign £60m deal for New Victoria
Morgan Capital is investing in creating a 150,000 sq ft office building as part of Muse Development’s £190m gateway scheme.
Standing at eight-storeys high, the building signals the final phase for the New Victoria project. The development is off Corporation Street and adjacent to Manchester Victoria Station. The office building will also be Morgan Capital’s first property in Manchester after investing in London for more than a decade.
New Victoria’s first phase consisted of 450,000 sq ft of residential space. Muse plans to build 520 homes across two 20 and 25-storey buildings on the site. Already under construction by Vinci, those towers are scheduled to complete in 2024. The residential portion of New Victoria is funded through a £130m deal with Pension Insurance Corporation.
“Our vision was always to repurpose this key area in the heart of the city centre, driving inward investment, creating truly special places to live, work and socialise, while creating prosperity for all,” said Muse development director David Burkinshaw. “We look forward to seeing another place-changing scheme delivered in the heart of Manchester.”
JLL represented Muse on the deal. BSB Real Estate represented Morgan Capital.