It paves the way for a 150,000 sq ft eight-storey office building delivered at the 2.5-acre site on Corporation Street.

During the first lockdown, Muse announced a £130m deal with Pension Insurance Corporation to fund and operate the 450,000 sq ft residential phase of the scheme, which once complete in 2024, will deliver 520 homes across two 20 and 25-storey buildings.

Vinci Construction started this residential element last autumn.

New Victoria benefits from being in an unparalleled location, close to the city’s premier retail and leisure amenities, adjacent to Manchester Victoria Station – the city’s second largest public transportation hub that has benefitted from a major programme of regeneration in recent years.

David Burkinshaw, development director at Muse, said: “Hot on the heels of the £130m deal with PIC to deliver the residential phase, we’re proud to sign with Morgan Capital, who will deliver and own the commercial phase.

“This deal also represents another ringing endorsement of what we’ve achieved at New Victoria and in Manchester.”