Futuristic £100m office block to be added to St Peter’s Square

Plans for a £100m office block on the doorstep of 1 St Peter’s Square in Manchester have been unveiled.

The 13-storey Landmark Manchester is due for completion within the next two years. Grade A space will include fully modern, flexible and eco-efficient facilities.   
    
The site has been a bought by Barings Real Estate Advisers which will speculatively develop the building for an institutional investor.

The building will be the final piece in Manchester City Council’s vision for the Civic Quarter.

City council chief executive Sir Howard Bernstein said: “We are delighted to welcome Barings Real Estate Advisers’ investment into this key site in the city’s Civic Quarter and the jobs it will generate.

“Our investment in St Peter’s Square and the transformation of Central Library and the Town Hall extension has created a world class office environment, complemented by proximity to our universities, which is attracting quality occupiers.

“We look forward to working closely with Barings Real Estate Advisers to help deliver a successful project for the city.”

Darren Hutchinson, senior director at Barings Real Estate Advisers, said: “The shortage of new Grade A office supply in Manchester coupled with the healthy demand dynamic from national and international occupiers for space in the city gives us the confidence to proceed with this major project ahead of securing a pre-let.

“We have assembled a first class team to deliver this project to the highest standards and are excited by the opportunity to deliver a best in class, next generation office building in Manchester city centre.”

Nick Pink, head of fund management Europe at Barings, added: “We remain selective buyers in the UK where we can identify opportunities in markets and sectors that demonstrate the right mix of cyclical and structural performance characteristics.

“We continue to look for opportunities such as Manchester across Europe to supplement our other major projects in Berlin and London.”

Castlebrooke, which bought the site in 2015, will continue to act as development manager for Barings Real Estate Advisers.

Bowmer & Kirkland has been appointed as contractor and will start on site imminently.

Colliers International advised the vendor. CBRE and Colliers have been appointed as letting agents.