Salford office block on the cards with £60m boost
THE ENGLISH Cities Fund (ECf) is planning to build a 125,000 sq ft office block in Salford after securing an extra £60m from one of its funders.
Legal & General Property, a joint venture partner along with Muse Developments and the Homes and Communities Agency, has put in the extra cash which will fund the office block and a 620-space car park.
It is not yet clear if the developer will be willing to start the block without a pre-let.
The buildings form part of the New Bailey scheme which sits either side of Irwell Street, across the river from Spinningfields.
The office block will be competing for occupiers with Allied London’s planned No 1 Quay Street, Fred Done’s No 2 St Peter’s Square and the West Midlands Pension Fund’s plans to replace Astley and Byrom House in Quay Street with a 14-storey tower.
Work has already started on a 143-bed Premier Inn which is on the west side of the road, while the multi-storey car park and the office block will be built to the east, on an area currently occupied by a car park and the Ralli Courts office complex.
The multi-storey, which has planning consent, is due to be finished by the end of the year. New Bailey is part of ECf’s £95m Salford Central scheme which also includes commercial space and homes around Chapel Street.
Bill Hughes, managing director of Legal & General Property, said: “This is a significant investment in Salford and one that we believe will help to kick start the city’s wider regeneration. We believe that ECF’s plans for Salford Central will not only fundamentally reposition this city centre location, but provide much needed homes, jobs and office, retail and leisure space, as well as the improved infrastructure to support the city going forward.”
Phil Mayall, development director at ECf, said: “Legal & General’s investment in New Bailey represents a significant milestone in the evolution of our scheme. It represents a clear demonstration that New Bailey is a high quality, deliverable development and we very much look forward to welcoming occupiers to the new office building.”
“Not only will the occupiers enjoy a high quality development in a fantastic location and environment; they will also benefit from the delivery of the Ordsall Chord infrastructure, which will place a sustainable transport hub, in Salford Central Station, right at the heart of the development.”
