MAG launches tender for Airport City partners
MANCHESTER Airports Group has launched a tender process to find funding and development partners for its £650m Airport City project.
It has appointed property group CBRE, to manage the tender process and developers and investors have until January 21 to register interest.
Airport City Manchester is the core element of the Government designated Enterprise Zone surrounding the airport.
It aims to compete with existing airport city and ‘aerotropolis’ projects outside the UK, such as at Munich, Barcelona and Amsterdam; which are attractive to multi-national companies that require business space in a location that gives them highly accessible to both a major city and the global marketplace.
In order to realise the scale of the ambition, M.A.G is seeking a one or more joint venture co-investment and development partner for the project.
It is seeking parties with expertise and experience of international business space delivery, alongside access to international occupiers and large-scale financing capabilities – potentially for the entire scheme – alongside M.A.G’s land ownership and expertise in airport developments.
John Atkins, M.A.G’s Airport City director, said: “As recognised by the UK Government in its Enterprise Zone designation, Airport City is a unique commercial product for the UK that will meet demand that currently exists for a high-quality, sustainable and well-connected environment with access to the global marketplace.
“With Manchester Airport’s international connectivity and passenger growth prospects, Airport City is the prime investment opportunity in one of the best cities with the strongest investment potential in the UK.
“Driven by Manchester’s academic, scientific, and digital credentials, Airport City will compete with similar schemes at Barcelona, Frankfurt and Amsterdam; with the aim of attracting international occupiers that would not previously have located in the region, or even the UK.”
Colin Thomasson, senior director, CBRE, added: “We believe that Airport City will become the most significant development project in the UK since the regeneration of East London began in 2005 for the Olympics.
“Underscoring its potential, Manchester already has close ties with China and the Middle East and we are confident that this opportunity will attract a number of high calibre global development and investment partners. Due to the size and complexity of the project we are seeking partners with previous experience in delivering similar large scale development projects.”
M.A.G recently submitted an outline planning application for the ‘North’ Airport City area – and in November received outline planning approval for the £100m ‘South’ Airport City development, World Logistics Hub.
