Regeneration specialist closing office and exiting city

REGENERATION specialist Argent Related, which has played a major role in the redevelopment of high-profile sites in Manchester in recent years, is to close its office in the city.

Reports say up to six staff at the Piccadilly Place North West base have entered into a consultation period and they are now waiting to be told whether they will be made redundant or if they can re-apply for jobs in other offices.

According Property Week, the US investment firm Related, which entered into a partnership with Argent in 2015, is not confident about the level of returns it can achieve in the regions.

It is believed the company is now to focus mainly on London, where it is involved in some of the capital’s biggest projects, including King’s Cross. Its only other major regional interest is Hermes Real Estate’s £500m Paradise Birmingham scheme, where it is development manager.

Prior to its union with Related, Argent worked on some of the biggest regeneration schemes in Manchester, including Piccadilly Gardens and the city’s flagship office building One St Peter’s Square.

But the pending sale of the nearly-complete building to Deka Immobilien for about £140m means Argent’s connection to Manchester to cease.
 
The company also quit its role on the £1bn Manchester Airport City as development manager recently and last week it pulled out of the running for the Mayfield development site, owned in part by the city council, London and Continental Railways and Transport for Greater Manchester.

Argent and US developer Related formed a joint venture to tackle major mixed use projects in the UK – under the brand Argent Related.

The joint venture was formed to grow a rented housing element to schemes it was involved in, drawing on Related’s US experience, where the company has more than 50,000 homes for rent.

A spokesperson for Argent was unavailable for comment when contacted by TheBusinessDesk.com.

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