£15m loans for Allied London block
LOANS worth £15m have been confirmed for Allied London’s latest block in Manchester’s Spinningfields.
The developer has already started work on the 160,000 sq ft Cotton Building on Hardman Boulevard next to the Civil Justice Centre.
It has secured £10m from the North West Evergreen Fund, which is backed by cash from the European Union and local authority pension funds, and a further £5m from the Greater Manchester Combined Authority’s Growing Places Fund – a Government-backed pot which offers loans to kickstart development projects.
The building will boast flexible space where tenants can customise space, essentially taking a shell and choosing the location of partition walls and the services they want.
Allied London chief executive Michael Ingall said: “Given the significant amount of investment, construction is now able to go ahead on what will be one of Manchester’s most exciting buildings.
“There is a real need to evolve the commercial real estate concept in order to support both fledgling and mature businesses, and provide the right environment for them to flourish, so the property world should adapt to the needs of fast-emerging businesses. Service, amenity and environment together with sustainability needs to be considered far more carefully than ever before.”
The Evergreen Fund is advised by CBRE Indirect Investment Services and co-chaired by Manchester City Council and Lancashire County Council.
