Miles Platting Urban Development PFI
The 264-acre area on which the Miles Platting Urban Development PFI was developed on, two miles east of Manchester City Centre, includes 2,200 houses owned by the Manchester City Council.
LOCATION : Northern England
SERVICE : Transaction Management Consultancy
VALUE : USD 203,680,320
CLIENT : Semparian
TYPE : Residential
The Miles Platting Urban Development PFI development spanned over all of the Miles Platting area as well as parts of Ancoats and Collyhurst, the area from the border of Ancoats Urban Village and New Islington to Hulme Hall Lane, Oldham Road and Bradford Road.
The project entailed the demolition of around 30% of the properties located within these areas, which were in the poorest condition and were on a low demand of rental or purchase in the local real estate market. These estates were predominantly council houses, primarily built in the sixties and seventies, whilst the remaining units were refurbished long after.
The project formed part of the wider East Manchester regeneration area, where the Commonwealth Games, the New Deal for Communities and other schemes invested millions of pounds into the development of properties, the environment and the local facilities.
The Miles Platting Neighborhood PFI aimed to unify by remodeling the height level the houses on the same standard, to do the refurbishment of new kitchens and bathrooms, new rewiring, new windows, and covered any additional design modification services where needed. In addition, all of the multi-story blocks also benefited from new insulation, lifts and modernised hallways.
During 2007, Kingston provided the financial due diligence of the financial lenders Dexia Credit Locale, SPV and Renaissance Miles Platting Ltd.