It has been a number of years since the idea of the Greengate scheme in Salford was first considered. But finally, after years of uncertainty, the councils dream is taking the first steps towards becoming a reality.
The major regeneration scheme planned for the area which aims to lever in over £400m in private sector investment including shops, a hotel, homes and commercial property.
It is hoped the project will transform the derelict brownfield site into a new commercial and residential development for the city. The site features 13 hectares of brownfield land and links Salford’s riverside and Manchester’s Medieval Quarter. The office space which will be available, will give businesses a fantastic base to operate between the bound together cities.
It has been over a year since the North West Development Agency granted £4.6million to help maintain momentum for the Greengate Embankment scheme, which had been halted due to the recession.
During that time, it would appear to an outsider that little has been achieved in regards to the commercial property aspect of the development.
However, there was fantastic news last week when Ask Developments and Network Rail, submitted a planning application for the first phase of the Greengate Embankment scheme.
The first phase comprises of a 196,000sqft, 10 storey, office block, to be named 101 Embankment, which Salford City Council will pay half the rent on a 10-year head lease. The council hopes this deal will encourage occupiers. Along with the 10 storey office block, the scheme will create around 400,000sqft of grade A office floor space.
Alan Burke, director at Ask Developments, is confident, saying: ‘The continued strength of the occupier market in [Manchester] and the lack of new Grade A space available from 2013 gives us confidence that now is the right time to be planning speculative development.’
The Greengate scheme is great news for Salford’s commercial property market. Whilst the city knows it cannot compete with neighboring Manchester, it can feed off Manchester’s commercial strength, which will in turn enable Salford to prosper.
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