£200 million commercial property investment in Manchester | 22 July 2011
Plans for two major commercial property schemes in Manchester totalling more than £200 million are close to being finalised.
AXA Real Estate have announced that a £50 million redevelopment of the St. Peter’s Square buildings was recently given planning consent whilst Allied London are reportedly close to agreeing a £165 million office block at Spinningfields.
Speaking to the Manchester Evening News, Greater Manchester Chamber of Commerce head of business Dr. Brian Stone stated that the city would benefit immensely from the projects.
He said: “We have been concerned that while there is no lack of office space in Manchester, it has been dispersed across the city, so this is excellent news.
“These developments will be ideal for large businesses looking to the city as their next location, generating investment and with it the potential of creating hundreds of new jobs.”
Work is expected to start on both of the buildings once 50 per cent of them is pre-let to developers.
Pre-lets of that size often take a while to complete but commercialfinancegroup.co.uk report it has already been secured for the St. Peter’s Square deal, which will also involve the demolition of vacant neighbouring building Elizabeth House.
Written by Joe Elvin on behalf of Qube Global Software
While posted by Qube Global Software all views expressed are not necessarily those of the company. All facts are verified where possible directly by the author.
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