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European law firm Fieldfisher has advised Mulbury Homes, the property developer, on its development of a new £27.6m PRS (Private Rented Sector) development in the city's Northern Quarter.
The development, which is to be financed by M&G Real Estate, consists of 135 new private rental homes on Port Street, which should be ready for occupation by the summer of 2018. It is thought to be the first institutional PRS forward funding deal completed in Manchester. The development will also include extensive communal roof top gardens and balconies for all apartments, a reception and 6,000 sq ft of commercial office space at ground level. It is situated within a ten minute walk of Manchester Piccadilly Station and the city's Arndale shopping centre.
Mulbury was established in 2010 as a niche developer of affordable housing, and has since grown into a £50 million, award-winning business that now also works in the care and open-market residential sectors.
The Fieldfisher team was led by James Flynn, partner in the firm's Real Estate Construction team, who was supported by Craig Longhurst.
Fieldfisher's real estate team advises on every stage of the life cycle of a property, with expertise in planning, construction, development, real estate finance, investment and tax. The team is also experienced in landlord and tenant matters, environment and compulsory purchase, as well as property litigation, and has strong sector knowledge across the hotels and leisure, retail, energy and natural resources, financial institutions, media and entertainment, sport, technology, transport and healthcare sectors, as well as the public sector.