McLaren Property is currently facing challenges with its 737-bed student accommodation project situated on Upper Brook Street in Manchester. This initiative is part of a larger £450 million masterplan that received planning consent in 2024.
Funding Deal at Risk
The developer is pursuing a significant funding deal estimated at £100 million, which is contingent upon Manchester City Council’s approval. This approval is necessary for McLaren to amend existing planning conditions that restrict the use of its student accommodation to university semesters.
Proposed Changes
Recently, McLaren requested permission to allow a portion of the rooms to be rented out during the summer period, outside of the university term times. This change is critical for the financial viability of the project, as it would enable the developer to generate income during the months when the accommodation would otherwise remain vacant.
Planning Conditions
The original terms of the planning consent, which McLaren has described as restrictive, limit the operation of the student accommodation to the academic year. The proposed amendment seeks to provide greater flexibility in the use of the property, which McLaren believes is essential for the project’s success.