Award winning developer Allied London has confirmed a £100m-plus funding package that will allow it complete the final building in Manchester’s Spinningfields estate.
The triple funding deal— between the North West Evergreen Fund, Pramerica Real Estate Capital IV and Lloyds Bank— is the largest development funding transaction completed for a project in the region since Three Hardman Street, another Spinningfields development.
Scheduled for a 2017 completion, the 20-storey showpiece No. 1 Spinningfields will be the tallest commercial tower built in Manchester for more than 50 years and will provide 300,000 sq ft of office space.
“This funding package is all about confidence in Allied London, Spinningfields and Manchester,” commented Allied London chief executive, Michael Ingall.
“No. 1 Spinningfields is going to be one of the best commercial buildings in the UK regions, offering not just world class work space, but dynamic communal spaces including a rooftop restaurant, terrace gardens, entertainment spaces and a mezzanine business lounge,” he added. “All of these features will help to shape the way businesses work and how they develop their staff.”
Ingall also unveiled detailed plans to turn the building’s entire seventh floor over to a corporate venue that will be a first for Manchester. “It will contain very simple and flexible box designed spaces where events can take place and where companies can take over the space for an hour, a day or a week, to help shape their business.”
Andrew Antoniades is a CBRE director advising the North West Evergreen Fund. “While lending on developments in the regions is slowly returning, it remains incredibly selective,” he explained. “Such investments are critical for the regeneration of the North West and this loan provides a clear example of how Evergreen can help deliver viable schemes that might otherwise miss out, by financing the funding gaps.”
Andrew Macland, Head of UK at Pramerica, said that Spinningfields is Allied London’s world class legacy for Manchester and that the latest office tower will provide a “brilliant finale” to the scheme.
Speaking on behalf of Lloyd’s Bank, Relationship Director Jonathan Monnickendam said: “We are delighted to be working with Allied London, a proven developer, in funding the creation of one of Manchester’s highest quality office buildings.
“We are particularly pleased to be backing this large regional development which will drive jobs and growth in the local economy.”
