Property developer iQ has released plans to create a halls of residence for graduates in Manchester city centre.
Three blocks of 'co-living accommodation' dubbed Echo Street are earmarked for a site on Granby Row, near Piccadilly station.
The development, designed by Sheppard Robson, will create 643 bedrooms, a mix of studios and shared apartments, for young professionals who are being outpriced by the current private rental market.
With all inclusive rents, including bills and amenities, and only one week's deposit needed iQ claim the scheme will make city centre living affordable for graduates and young professionals.
According to Zoopla the average cost to rent a one bed flat in Manchester city centre is £850. This climbs to £1,130 for a second bedroom.
However, the developers were unable to give a figure for Echo Street on how it will compare to current rental prices.
Echo Street will also include 242 bedrooms of student accommodation on the site of the existing Chandos House halls of residence which is owned and operated by iQ Student Accommodation.
The ambitious plans will undergo public consultation before being submitted to Manchester city council. If approved, work is expected to start on site in 2018.
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Relatively new to the UK, co-living has proved highly successful in London, New York and San Francisco and iQSA’s proposed scheme is believed to be the first in Manchester.
If approved, graduates will benefit from fully furnished apartments, 24/7 security, a library, rooftop terrace and sky lounge. There will also be access to fitness facilities on site.
Rob Roger, chief executive of iQSA said: "We are pleased to be proposing this landmark scheme, a first of its kind outside London which aims to become a new solution for graduates and urban professionals who want to live in the heart of the city.
"We believe developments like Echo Street will help to retain talent and attract young professionals, further supporting the major growth that this vibrant city is experiencing.
"As the size and demand of the rental population in Manchester has grown, average rents have risen steeply, making it harder for young people who contribute so much to the city to live centrally. This development is addressing a real need.”
With a growing student population currently at 60,000, and with half of those staying in the city after graduation, Manchester has the largest regional millennial and qualified population in the UK.
The proposed development is located in the heart of the city centre – a stone’s throw from Piccadilly Station and the proposed HS2 station, and close to the Northern Quarter and the emerging Mayfield district.
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The development is located in an area set to undergo a major transformation over the coming years, with Manchester City Council recently endorsing the North Campus Strategic Regeneration Framework.
iQ Student Accommodation (IQSA) was established in 2016 and is a Joint Venture between the Wellcome Trust, Goldman Sachs and Greystar.
It is one of the largest providers of student accommodation in the UK and currently has a portfolio of 23,900 beds at 55 student accommodation schemes across 25 locations.
A public consultation on the Echo Street development will open on August 24 and run for three weeks until September 7.
IQSA is inviting local residents and interested parties to see the proposals for the first time at Fairfield House, Back Acton Street, Manchester.