Manchester Science Parks plan £18m expansion

MANCHESTER Science Parks (MSP) is preparing to embark on an £18m expansion plan that will see it double the size of office space at its main campus.

MSP’s chief executive Jane Davies told TheBusinessDesk she was in the process of drawing up a 10-year plan of improvements and hopes to embark on the first five-year phase soon.

It will involve taking control of several plots of land around the site and redeveloping existing facilities which currently offer 180,000 sq ft of space.

“We’ve got a 27-year track record of generating capital growth so we believe we can leverage this track record, our governance structure and brand to bring in partners who can help us realise this expansion,” she said.

“But we’re being very pragmatic about it, we’re getting all our ducks in a row before we talk to people.”

MSP is hoping to turn the heads of institutional investors, such as pension funds, looking for safe and steady returns.

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The business, founded in 1983, is a property manager owned by Manchester City Council, the University of Manchester, Manchester Metropolitan University and five smaller shareholders: Ciba Speciality Chemicals, ITV, NatWest, Pochin’s and Quiros.

It has 135 tenants over four sites with more than half of these – 85 – based at the main ‘corridor’ site on Lloyd Street North behind the University of Manchester. The others are spread across 158,000 sq ft at Salford Innovation Park, One Central Park in Newton Heath and the Technopark in Hulme.

MSP has traditionally offered space at commercial rents to university spin-outs. Ms Davies, pictured, is keen to ensure that the available space grows in line with its tenants so no businesses are forced to move out. The corridor site is currently 89% full. “We don’t want to lose companies as they seek more space,” she said.

The company is also progressing plans with property developer Bruntwood to turn the old Royal Eye Hospital on Oxford Road into a centre for bio-medical research. Plans were approved by Manchester City Council last week for a five-storey extension, the demolition of the building’s rear wings. Bruntwood will develop the site while MSP manages it.