On the 27th November 2018, we celebrated a milestone in the development of Axis Tower, one of Property Alliance Group’s most distinguished residential sites. As the final stages of construction are completed, we attended the ‘topping out’ ceremony for those who’ve been instrumental in making it happen.
Whilst Axis Tower is yet to be fully finished, the girders, floors, ceilings and roof have all been laid. Investors have already gained 33% back on their off-plan purchases, which called for a celebration. The forecast for the Manchester property market remains strong and this trend is set to continue. In a city experiencing a glut of residential interest that shows no signs of slowing, it’s defying fears over Brexit.
So how did we commemorate this pivotal moment? And what does the development offer as a whole?
Our progress so far…
The project is being led by a number of parties – us, Property Alliance Group, architects 5plus, and Russells Construction, who are officially handling the build. Representatives from each of these organisations were present on the 27th November when the Tower reached its final peak.
Axis Tower is a luxurious mark on Manchester living standards. Gazed upon by Beetham Tower, one of the city’s modern symbols, it is flanked by Bridgewater Hall and Oxford Road station. Trains, trams and bus routes are only a few minutes away. Numerous professional hubs are nearby too, including the Manchester Central convention complex, HOME cinema and No.1 Spinningfields. Eateries and bars dot the southern area off First Street, whilst some of Manchester’s best shopping can be found to the west. It’s fair to say this 29-storey community enjoys much of the area’s most sought-after qualities.
Inside, there is a modern mix of one-, two- and three-bedroom apartments, many of which boast viewing terraces looking out to the skyline. Residents can relax in private or socialise in communal areas, with a 24-hour concierge for support.
The 27th November brought all of these elements into focus, as people were invited on site to see its beauty for themselves. As Alliance’s Development Director, Dylan Williams, put it: “Topping out […] marks the first opportunity for people to really appreciate the true scale and presence of the new building.”
This time-lapse video captures much of the stunning ingenuity that has brought to the project to life.
Marking a moment in time
Celebrations kicked off at 12:30pm, when guests assembled on-site. Russells Construction assumed the hosting duties as we settled down with over 100 contractors and sub-contractors. Its director, John Millward, gave the welcome address, which was followed by speeches from others in the development group.
Students from the University of Salford (some of whom are part of Russell Constructions’ trainee programme) had been asked to select items for a time capsule. The winner was given the honour of lowering the capsule into a pre-formed hole in the reception lobby, where it’ll stay buried for decades to come.
It was a fantastic tribute to the people behind Axis Tower’s journey thus far. When the capsule emerges, it will speak of the place, date and influences that have led hundreds of hands to do some of the best work of their lives, right here.
Afterwards, two further speeches were given on the Tower’s story and overarching vision.
Topped out, but there’s more to come
The project is a huge attraction for investment, thanks to its position within the city and the quality pervading it, along with sweeping views that keep residents enraptured with their home.
The savvy early investors in Axis have already enjoyed a 33% return on their investment, and this trend is only set to continue. The forecast for the Manchester property market remains strong. In fact, the North West is the peak region for growth until 2022, in terms of rental yields, with Manchester owning the highest current average yields in the UK (5.4%). Capital growth, meanwhile, is meant to expand 16.4% by the same year.
But this build, too, is still continuing. We have a few months left to go before the project reaches completion. Demand will keep rising, even as the structure waits for décor and on-site services to be implemented.