Building briefs: 42 at Spinningfields; The Vibe signs chemist; and more…
MANCHESTER’S Spinningfields development is now home to 42 companies – 35 of which have moved in the last nine months, according to developer Allied London.
The developer has recently announced more than 50,000 sq ft of lettings for its new office building 3 Hardman Street – 10,000 sq ft to national law firm Shoosmiths, 14,000 sq ft to a leading professional services firm and 25,500 sq ft to lawyers Beachcroft.
These lettings follow those for a total of 60,000 sq ft for the General Medical Council (GMC) in two separate deals and 15,000 sq ft to Pure Gym.
Michael Ingall, chief executive of Allied London, said: “This summer has seen the estate just buzzing and the demand from occupiers has been consistent. We have a real momentum and an energy, and are delighted that Manchester really is adopting the development as its new prime business area.
“Our vision is becoming a reality. We have some exciting space to lease over the next six months – one floor of 35,000 sq ft in 3 Hardman Street, by far the best of its type in any city and in the UK, and then there is Number 1 The Avenue, which can offer an iconic headquarters building.
“The Manchester market for us has proved resilient over the last 12 months and with a staggering total of 35 organisations moving their business here, it can only get better. We are working hard now on adding further retail and leisure amenities and hope to make further announcements shortly.”
::
VICTORIA Chemist is the first company to sign up to Countryside Properties’ The Vibe development in New Broughton, Salford.
The pharmacy, part of K’s Chemists, has taken 1,800 sq ft at The Vibe and is relocating from a smaller unit on Great Clowes.
The newly developed mixed-use scheme includes 152 one and two bed apartments and 20,000 sq ft of commercial space.
Les Brown, regional director for Countryside Properties, said: “It is fantastic news to have Victoria Chemist on board and I know the local community will welcome it as a great new addition to New Broughton. When we started the regeneration process, one of the major issues for the local community was the lack of local shops and services and they asked us to address this.
“We will continue to push as hard as we can to attract other retailers to this site to help create an improved retail offer and attract more amenities and services – which is exactly what local residents want. I believe that Victoria Chemist will act as a catalyst and provide confidence to other local business to relocate here too, but we are already in discussion with a number of other retailers who are interested in the Vibe.”
::
LOGISTICS company Wincanton and security business Risco have both renewed their leases with Aviva Investors at Stakehill Industrial Estate in Middleton.
Wincanton has signed a new five year lease on its 170,000 sq ft distribution facility at Stakehill Industrial Estate in Middleton, where it has been a tenant for more than 20 years.
Security business Risco has also renewed its lease for 7,500 sq ft of office space at Stakehill for a further five years.
Agents CB Richard Ellis and GVA Grimley negotiated the deals.
Tom Davis, director of CBRE’s industrial agency, said: “In today’s challenging market many firms are looking around for more competitive deals so it’s great that we have been able to retain two key tenants at Stakehill.”
::
BUILDING work on a Hurstwood housing development at Holly Mount in Rawtenstall has restarted, following the appointment of Manchester property surveyors Stevens Scanlan as LPA Receivers.
Work on the 16 house development came to a halt when Bolton-based Hurstwood Developments went into administration in September 2008. Now the lender, a major UK clearing bank, has appointed Stevens Scanlan as Law of Property Act Receivers.
Stevens Scanlan has employed builders Holroy Developments to move onto the site and recommence work on the homes which are being built from natural stone and slate. The 16 bespoke family homes should be completed and on the market from the autumn.
Alan Murdoch, senior partner at Stevens Scanlan, said: “Lenders like the bank involved in the Rawtenstall development find it’s effective to appoint a LPA Receiver direct who has a broader range of professional disciplines and experience of dealing with planning, building issues, valuations, NHBC accreditation and compliance matters.
“The alternative is for a lender to sell the partly-completed property to another developer, but this means the lender is liable to recover a smaller proportion of its outstanding loans.”
::
The Manchester office of Colliers CRE and Warrington commercial property agent Eileen Bilton Partnership have been appointed to jointly market freehold units at Tatton Court industrial estate in Warrington.
The 12 unit terrace comprising over 61,000 sq ft has recently been purchased by refurbishment and regeneration company The Minton Group.
The terrace will be refurbished and units from 4,850 sq ft to 5,250 sq ft will be offered on a freehold basis.
Elliot Burkeman, acquisitions director for The Minton Group, said: ”We are aiming to provide competitively priced, affordable units for small and medium sized occupiers and are excited in being involved in the upgrading of this bustling and vibrant employment area. The Minton Group is seeking further opportunities in the region.”
