Plans for two 51-storey skyscrapers in Manchester city centre have been submitted – and none of the nearly 1,000 apartments will be affordable.
A total of 988 flats would be built as part of the development in the Great Jackson Street area, next to the three towers at Deansgate Square.
A mix of one, two and three-bedroom properties feature in the plans, including eight penthouse duplex apartments in each of the 154-metre tall residential towers.
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Each building boasts its own co-working space, gym and lounges with private underground car parks and cycle storage within the three-storey basements.
A private residents' garden is also planned alongside some public green space.
However, the planning application by property developer Renaker does not allow for any affordable housing within the buildings or elsewhere in the city.
A fifth of any new homes in developments with 15 or more units should be affordable according to Manchester council policy – unless that is not viable.
Renaker has agreed to put £4.2m towards public spaces, pavements and roads in the area as part of the development which will be worth £370.5m.
This would leave the developer with an 11 pc profit margin on the project.
But the 'industry standard' for a development of this scale is around 20 pc, according to a financial viability appraisal submitted with the application.
For this reason, Renaker has said it cannot support any affordable housing.
The property developer said the 'high-quality' public realm will deliver on the objectives set out within the council's regeneration masterplan for the area.
A spokesperson said: “We are delighted to have submitted these exciting proposals for this currently under-utilised site at Great Jackson Street.
"This planning submission represents another significant step in our journey to revitalise the Great Jackson Street area, and deliver, subject to approval, the aspirations of Manchester City Council’s Great Jackson Street Strategic Regeneration Framework, through the creation of high quality new homes set within two striking unique towers, along with extensive public realm.
"Firmly established as the North West’s leading property developer, Renaker has a proven track record of delivering high-quality, spacious homes, with desirable amenities, and creating aspirational new neighbourhoods where communities can thrive long term."
If approved, the towers would be among the tallest buildings in the region.
At 153.6 metres, they would be the same height as Elizabeth Tower but shorter than two of the Deansgate Square buildings and Beetham Tower.
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