RealWorth has been advising on the economic and social value delivered by the development of part of a major regeneration project in Manchester.
The Mayfield Development Partnership, which consists of Manchester City Council, LCR, Transport for Greater Manchester and mixed-use regeneration specialist U+I, is establishing temporary uses for part of the Mayfield site, which is close to Piccadilly Station.
RealWorth was commissioned by U+I to provide an outline analysis of the expected sustainable value that will be created by the temporary use on part of the site close to Baring Street.
The Partnership’s long-term plan for Mayfield is to create an iconic, £850m mixed-use community over the next 10 years, including commercial, residential and leisure facilities. The 24-acre site, next to Piccadilly Station, has been derelict for over a decade.
The temporary works will ensure that part of the site is used while the wider and permanent plans for the overall Mayfield site are progressed.
The wider Mayfield regeneration vision will potentially provide 1,300 homes, 75,000 sq m of office space, a 350-bedroom hotel, retail and leisure facilities and a new city park, creating over 7,500 office, retail, leisure and construction jobs.
The long-term proposals will seek to enhance many of the site’s historic features and include developing and improving the River. The intention is to maintain the historic buildings that still stand and make the most of the area’s built heritage.
RealWorth’s analysis takes into account the capital investment in the project and calculates the value delivered to the economy in terms of sustainable return.
U+I is a specialist regeneration and property developer with a £5bn portfolio of complex, mixed-use, community-focused regeneration projects, including a £200m investment portfolio.