AUGUST is normally a quiet period in the Manchester property market, with schools off for summer and busy property professionals taking a breather, yet current activity suggests 2015 is breaking the mould; client requirements continue to be circulated, news of buildings traded and plans developed.
Greengate may see further residential expansion with Silverline Developments’ plans for a 310-apartment scheme at Norton Court
One of the most significant transactions of the summer, and indeed the year, has been the sale of Two St Peter’s Square (main image) by Fred Done’s Mosley Street Ventures to Deutsche Asset and Wealth Management on behalf of one of its German funds for a reported £100m. The scheme, due for completion in January 2017, will provide 160,000 sq ft of Grade A office accommodation, having anchored EY as its pre-let on a 40,000 sq ft fifteen-year lease.
Elsewhere, Aberdeen Asset Management have submitted a planning application for the redevelopment of 40 Fountain Street; which will bring a much-needed 86,000 sq ft of new Grade A accommodation to market. The proposed eight-storey development - to be titled 11 York Street - will benefit from floor plates of up to 11,700 sq ft for larger tenants in an increasingly competitive market, whilst subdivision will also be considered to cater for those with smaller requirements. Located within the Upper King Street Conservation Area, the structure must be in keeping with the historical district’s aesthetic.
Edward Amery of Aberdeen Asset Management said of the scheme: “We have worked with the various stakeholders to ensure that we are bringing forward new development proposals that combine the very best of contemporary design with the architectural heritage of the area.”
40 Fountain Street (credit: whrproperty)Developer Urban & Civic will host a public exhibition on 11 and 12 September to discuss major plans for the one-acre former Origin site at the corner of Princess Street and Whitworth Street on the edge of Manchester's Gay Village. The site - which has lain vacant for over two decades after the demolition of warehouses in 1993 - was purchased by Urban & Civic in December 2014 with planning consent for apartments, a hotel and offices in three buildings arranged around a public square and a four-level basement car park.
However, due to changes in the 'economy and property market', as well as thinking on 'design and use', Urban & Civic have reworked the original 2007 Ian Simpson-designed scheme into a 'new and exciting' mixed-use development including 240 apartments and a four star hotel.
Origin siteGreengate’s ten-storey 101 Embankment will begin to take shape over the next few months, delivering 165,000 sq ft of Grade A office accommodation by July 2016. This will shortly be followed by 166,000 sq ft of offices at 100 Embankment, part of a joint venture between Ask Real Estate and Tristan Capital Partners in association with Carillion, Salford City Council and Network Rail. The new build schemes will be rounded off by Select Properties’ 260 ‘City Suite’ serviced apartments and Renaker’s One Greengate, which will feature 500 residential units.
Greengate may see further residential expansion with Silverline Developments’ plans for a 310-apartment scheme at Norton Court; to be built on a surface car park near to the River Irwell, featuring two towers of 34 and fourteen storeys respectively. Approval is anticipated for the end of October and, should it be granted, will play a significant role in the growth of the thriving quarter.
100 & 101 EmbankmentLend Lease are also expecting approval from Manchester City Council for the development of a new fifteen-storey tower in the Green Quarter area of Manchester, featuring 146 residential apartments. Its case officer said of the scheme that its scale will create a “striking development along Cheetham Hill Road.”
Most recently, MCR have exchanged contracts on Hotspur House close to Macintosh Mills. Originally developed as a cotton mill, the warehouse was used until 2011 as a printing shop by the Percy Brothers, whose name can still be seen of its facade. With Renaker Build’s 280-apartment scheme already underway opposite, the 56,000 sq ft building is to be converted into further flats as demand for the area continues to grow. The only possible setback anticipated is that Hotspur House could be affected by Network Rail’s CPO as part of the works at Oxford Road Railway Station; the two parties are currently in discussion over the site’s future.
Hotspur House (credit: georgraphy.org.uk)Meanwhile, the Peel Group are to put plans to the council for two towers - eight and twelve storeys high - comprising 300 student flats close to MediaCityUK on King William Street Enterpise Park. Currently being used as a car park, Tokenhouse Developments, an arm of Peel, want to give youngsters the option of low price accommodation right by the University of Salford's media and arts school on Salford Quays.
While on MediaCity, updated plans for the huge £200m X1 Media City scheme are expected to be given the go-ahead by Salford City Council on Thursday 3 September. The X1 Developments and Knight Knox International project will see a whopping 1100 apartments built across four 26-storey towers in four phases on Michigan Avenue. Phase one - due for completion in 2017 - will comprise 275 flats. The scheme also includes 23,000 sq ft of commercial space.
Finally, Helical Bar have confirmed the letting of 8,300 sq ft at Churchgate House on Oxford Street to Workplace, a co-worker office provider whose aim is to offer flexible office accommodation to clients. The company plan on satisfying members’ needs with self-contained offices, hot-desks and a business lounge.
Louise Pollard of Workplace said: “Our members will be free from responsibilities of office management, thus allowing them to focus on what they love to do.” And don't we all love to work...
Churchgate House, Oxford StreetConfidential's property roundup comes via Adam Robson, Director at AKM Property Consultants
