Mayfield Development Finance
Mayfield is Manchester's most transformative regeneration project — a 24-acre site adjacent to Piccadilly station that is being reimagined as a vibrant mixed-use neighbourhood centred around the city centre's first new public park in over 100 years. Mayfield development finance funds property projects across this landmark quarter, and Manchester Development Finance is the specialist broker that secures competitive terms for developers from our panel of 50+ lenders. Delivered by the Mayfield Partnership — a collaboration between U+I, Manchester City Council, Transport for Greater Manchester, and London & Continental Railways — the scheme represents a once-in-a-generation development opportunity.
The Mayfield masterplan will deliver approximately 1,500 new homes alongside over 1 million square feet of commercial space, cultural venues, retail, and leisure facilities. Mayfield Park, which opened in 2022, has already established the area's identity and demonstrated the partnership's commitment to placemaking. For property developers, Mayfield offers the rare combination of a central location, institutional-grade infrastructure investment, and a phased delivery programme that creates opportunities for both large-scale and boutique schemes within the masterplan area and its immediate surroundings.
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Mayfield Planning Context and Development Policy
Mayfield falls within Manchester City Council's planning jurisdiction, with development guided by the Mayfield Strategic Regeneration Framework approved by the council's executive. The SRF establishes the vision for the 24-acre site, setting out building heights, land uses, public realm requirements, and phasing. The partnership structure — with Manchester City Council as a direct participant — provides a uniquely aligned planning context where the local authority is both regulator and stakeholder.
The masterplan divides Mayfield into distinct character areas, each with specific development parameters. The park-facing plots benefit from premium positioning and are designated for residential-led mixed-use schemes with active ground floors. The northern plots closest to Piccadilly station are earmarked for commercial and workspace uses, while the eastern plots along Baring Street accommodate a mix of residential typologies including townhouses and mid-rise apartment buildings.
For development finance purposes, Mayfield's partnership-led approach significantly de-risks the planning process. The SRF provides a clear framework for acceptable development, and the council's direct involvement in the partnership means that planning objectives are embedded from the outset. Lenders view this positively, as it reduces the planning uncertainty that can affect other regeneration areas. However, developers should note that the partnership retains control over plot disposal and design quality, meaning access to development opportunities within the masterplan boundary is managed through the partnership rather than the open market.
Recent and Approved Development Schemes at Mayfield
Mayfield's regeneration is progressing through carefully sequenced phases designed to build momentum and establish the neighbourhood's character. The opening of Mayfield Park in 2022 was the critical first move, creating a 6.5-acre green space that immediately transformed perceptions of this formerly industrial area and provided the amenity anchor around which residential development can be marketed with confidence.
The first residential phases are now advancing, with planning applications submitted and approved for several hundred apartments in buildings ranging from mid-rise to towers of 30+ storeys. The Depot, a meanwhile-use cultural venue in the former Mayfield station, has generated significant footfall and media attention, further establishing the area's identity as a creative and community-focused neighbourhood. Commercial workspace schemes are also progressing, with demand from the tech and creative sectors driving occupier interest.
The broader Mayfield impact zone extends beyond the formal masterplan boundary. Surrounding streets, particularly along Fairfield Street and London Road, have seen a wave of development proposals from independent developers seeking to benefit from the area's transformation. These peripheral schemes offer opportunities for developers who may not have access to plots within the partnership-controlled masterplan but can capitalise on the uplift in values and demand driven by the Mayfield investment.
For lenders, the phased and partnership-led nature of Mayfield's delivery provides confidence in the area's long-term trajectory. The institutional backing from Transport for Greater Manchester and London & Continental Railways, combined with the council's direct involvement, creates a development context that lenders view as lower risk than speculative regeneration schemes without such robust governance structures.
Mayfield Market Statistics and Lender Appetite
Mayfield residential values are expected to achieve £350 to £450 per square foot for new-build apartments, positioning the area between the premium values of Deansgate Square and the emerging markets of east Manchester. The park-facing plots are anticipated to command the highest values, with the green amenity providing a point of differentiation that is unique within Manchester city centre. Rental yields of 5.5% to 6.5% gross reflect the area's emerging status, with strong demand from young professionals and key workers drawn to the Piccadilly station proximity and city centre accessibility.
Lender appetite for Mayfield development is growing as the regeneration progresses and tangible evidence of transformation accumulates. Senior development finance is typically available at 65-70% LTC, with lenders drawing confidence from the partnership structure and the public investment in infrastructure and park delivery. The area's adjacency to Piccadilly — with its existing rail connectivity and future HS2 potential — provides a compelling long-term growth narrative that appeals to both debt and equity providers.
For schemes within the formal masterplan boundary, the partnership's involvement can facilitate access to more favourable finance terms, as lenders recognise the reduced delivery risk associated with coordinated infrastructure and placemaking. Our team has experience advising on finance structures for both masterplan plots and surrounding opportunity sites, tailoring capital structures to each scheme's specific risk profile and the developer's requirements.
£350-£450
Price per sq ft (new-build)
5.5%-6.5%
Gross rental yield
65-70%
Typical senior LTC
5
Active development schemes
Explore Connected Development Areas
Mayfield sits at the south-eastern edge of Manchester city centre, bridging the established Piccadilly district with the emerging neighbourhoods of east Manchester. Developers active in Mayfield frequently explore opportunities across the adjoining areas that share its growth trajectory.
Piccadilly
HS2 arrival and major station redevelopment driving transformational change in Manchester's eastern gateway district.
Ancoats
Manchester's coolest neighbourhood. Heritage conversions and new-build schemes in the city's thriving urban village east of the Northern Quarter.
Northern Quarter
Manchester's creative and cultural heart. Boutique conversions and mixed-use schemes in the city's most characterful district.
Related Resources
- Our Development Finance Services — Senior debt, mezzanine, BTR funding, and JV equity
- Case Studies — Including Mayfield regeneration and mixed-use schemes
- Loan Calculator — Model your Mayfield development finance facility
- Contact Us — Discuss your Mayfield development project
- All Areas — View all Greater Manchester development hotspots
Planning a Development at Mayfield?
From park-facing residential towers to mixed-use regeneration schemes, get indicative terms for your Mayfield project within 48 hours from our specialist team.