Joint Venture concludes deal for final phase of Embankment scheme

A forward funding agreement has been signed with Salford City Council to develop 100 Embankment, the final phase of the Embankment scheme in the city’s Greengate neighbourhood.

The deal with Tristan Capital Partners and joint venture partners Ask Real Estate and the Richardson Family will create a new corporate centre for the city and is scheduled for delivery by early 2020.

The nine storey 166,000 sq ft grade A office building will sit alongside its sister building, 101 Embankment, which is now the headquarters o of Swinton Insurance Group.

It is built on site of Manchester’s historic Exchange Station and overlooking the city’s cathedral, the development has the benefit of an impressive setting.

John Hughes, managing director of Ask Real Estate said: “Our commitment to working in collaboration with both our public and private sector partners has resulted in the creation of a new prominent location for business, helping Salford City Council to meet their ambitions to bring high quality office accommodation with unrivalled amenity and public transport connections to this part of Greengate.”

Mark Morgan, Richardson’s head of real estate, said: “We are delighted to be working with Ask Real Estate to deliver 100 Embankment which comes at a time when there is a real shortfall of Grade A office space in the city centre.”

Cameron Spry, senior partner and head of investments at Tristan Capital Partners, said: “Our investment in this project began almost four years ago and its first phase has been a huge success thanks to the great location and strong demand from businesses.”

The city mayor of Salford Paul Dennett also said: “We are an enterprising innovative and commercially minded council and investment in new jobs for the city is a high priority.

“We have a history of partnership working and delivering high quality schemes from MediaCityUK, New Bailey to 101 Embankment.”

“The business base of the ciy has been transformed and direct investment ensures that we not only remain commercial as a Council to offset government cuts but also assist partners to continue delivering very high-quality office accommodation that competes with the best in the world.

“Our inclusive approach to the economy also means that there is a social value with local people gaining new skills and improving access to new employment.”