Star date: 26th August 2015
FOUR TOWERS, 1,000 FLATS, OVER £30M PROFIT BUT DEVELOPER PAYS LESS THAN 50% OF PLANNING FEES
Next week, Salford Council will finally consider a planning application from developer X1 for 1,100 apartments in four huge ugly towers at MediaCityUK. According to the Council's own figures, X1 is expected to make up to £38million profit on the scheme yet, due to `viability' issues, the developer will pay only around half of the planning fees it should be paying.
Meanwhile other planning applications for Salford Quays submitted by Peel Holdings - for a six storey office block and Tokenhouse Investments for 300 student flats will also bring meagre returns to the city.
Full details here...