£100m office scheme in historic location taking shape
THE first phase of a £100m plus office development in the historic birthplace of Manchester and Salford will start to take shape over the new few months.
By July 2016, 10-storey 101 Embankment will tower over the area known as Greengate – with spectacular views across the two cities – will be ready for occupation.
The 165,000sq ft Grade A facility, complete with a 442 covered car park – is a joint venture between Ask Real Estate, Tristan Capital Partners, and constructor Carillion alongside Salford City Council and Network Rail.
Senior development executive Jamie Hills said the office development would sit above three levels of car park, which will form the base of the embankment.
This development will be followed by the 166,000sq ft 100 Embankment development.
The pending arrival of the office blocks alongside the River Irwell and adorned by the Greengate Public Square will coincide with the completion nearby of Select Properties’ City Suites new-build of 260 serviced apartments complete with a gym, swimming pool and Jacuzzi, and Renaker’s One Greengate 500-unit residential scheme.
Also in the pipeline is the pending demolition of the Palatine buildings near Chetham’s School of Music, which will open up the vista of the Manchester Cathedral site from the Embankment buildings.
But the “game changers” for office workers and prospective residents in the area is the Corn Exchange, where 12 restaurants are soon to be located, The Royal Exchange Theatre, the Manchester Art Gallery, and the Manchester Arena.
“Culture has a to play in the business community,” said Hills. “The idea is that they can combine to provide a positivity at work. To have plenty of culture around will make it an attractive place to be both for residents and office workers. It really is a game changer.”
The £44m improvements to Victoria Station – only four minutes walk away from the site – is also a major benefit, said Hills.
The station attracted 7.25 million passengers in 2014 and that number is expected to rise to 12 million by 2018, with 1.6 million people living with a 60-mile limit served by 198 other stations.
Another major influence on the area’s success, said Hills, would be the arrival of the Ordsall Chord rail link in December 2016, providing easier access to the national rail network.
“The scheme is significant because it is in an area where the two cities of Manchester and Salford began – a really historic site – and as such is a hi profile location.”
Joint agents for the speculative Embankment project are CBRE and DTZ.
