Planning permission has been granted for a new tower in Manchester.

Development Securities and the Property Alliance Group have announced a 50:50 Joint Venture to build the Axis Tower, which will deliver a 27-storey, 153,000 sq. ft. building on a 0.2-acre site in central Manchester.

Adjacent to Deansgate and Manchester Oxford Road stations, Axis Tower is well-located, being close to the campuses of both Manchester and Manchester Metropolitan University, the city's main retail and commercial areas and with good access to a number of transport links. The site is vacant and with some enabling works having already been completed to prepare the site for development. With planning permission now secured, the JV partners anticipate a start on site in early 2015 with practical completion targeted for Q4 2016 and an estimated total development cost of £40 million.

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(CD)