To dispose of land to Urban Splash for residential development.

Development of the site was discussed at the Strategic Review Group which oversees the Master Development Agreement for the New Islington Area.  The site was identified as one that was subject to a collaboration agreement between the Council and Abu Dhabi Group that would be developed by the Manchester Life Company.  Discussions between the Council and Manchester Life established in 2017 that the site was not one they wished to develop.  The site was released from the agreement at the same time as other land sales were agreed with MLDC and a lease agreed on a property in Urban Splash occupied by Urban Splash. The disposal of the Piercy Street site to Urban Splash is part of this overall strategy, which could not have been achieved with an open market sale.

Under the proposed agreement with Urban Splash the Council will receive 13.5% of the sales value of each house generating land value of £854,000will be generated, which is based on the split of 13 market for sale houses and four affordable units for rent (1 social rent).   This land value compares favourably with other developments in fringe and City Centre locations for this type of housing.  The scheme has been fully appraised and the costs of the scheme, level of profit and selling prices of the houses have been found to be acceptable.