Muse to spec 70,000 sq ft Chester block
MUSE Developments is planning to make a speculative start on a six-storey, 70,000 sq ft office in Chester after securing £6.2m from two different EU funds.
It has agreed a £4.8m loan with the North West Evergreen Fund and a further £1.4m grant from the European Regional Development Fund.
The finance will allow Salford-based Muse to make a start on the first phase of its 3.5-acre, 500,000 sq ft City Place scheme next to the city’s railway station.
Muse bought the site from Lloyds Banking Group which is consolidating staff at two nearby offices. Muse will eventually demolish Lloyds Premier House, although it will not do this to make way for the first new building which will be built next door.
The development plan, which promises to attract 1,000 jobs to a new central business district, includes a further six office buildings and three residential blocks with 200 apartments fronting onto the Shropshire Union Canal.
Phil Mayall, development director for Muse Developments, said: “We are very pleased to have received this funding towards the first phase of City Place, which we are confident will be the most significant new commercial office-led development that Chester city centre has seen to date.
“The scheme will take inspiration from its rich heritage and industrial foundations and will lead the renaissance of the city’s commercial offering. Cheshire West and Chester Council has already started work on the public realm aspect of the scheme and Muse will be on site imminently to begin works on the first building.”
William Church, director of investment advisory at CBRE, the investment advisor for Evergreen, said: “Evergreen was established to provide developers with an opportunity to secure much-needed finance for strategic sites that will make a significant contribution to the success of the North West’s economy.
“City Place is a perfect example of just such a development, and we believe that the completed scheme will be play a key part in driving Chester’s economy and transforming the city’s offering as a business centre.”
