With the Eurozone crisis not nearing a resolution, Britain is fast becoming a highly attractive destination for international companies seeking a foothold in Europe. As a result commercial space, particularly Grade A offices, are in high demand – meaning those who choose to invest wisely in the development of such properties could see a high return rate in only a few years.
Landmark will join One St Peter’s Square which is currently under construction
International property firm Hines has taken this into account and recently finalised the details of a joint venture with Manchester & Metropolitan Properties. This will see the construction of a 13 storey office building in the heart of the city centre where another commercial project (One St Peter’s Square) is currently underway.
The building has been designed by Squire & Partners, and planning permission is already in place. And while no date for the commencement of the project has yet been decided upon, the partnership will be reviewing the situation regularly “depending on market conditions.”
Once completed the development, which will be known as Landmark, is expected to provide around 178,000 square feet of top class office space on the site of the Odeon cinema, with benefits such as excellent public transport links and an advantageous location thrown in to attract potential local and international tenants.
Director of Hines, Anthony Leonard, said; “We have been looking at opportunities in Manchester for some time and are delighted to have finally secured such a prime city centre site.
“Availability of quality office space will become scarce and, with few new buildings under construction, we believe there is a tremendous opportunity in Manchester to deliver new class A space.
“In bringing new stock to the market in 2015 and beyond, we hope to be in a prime position to capitalise on an improving economy.”
This will be Hines’ first foray into the Manchester market, although experience gained during developments in Birmingham will prove invaluable. It currently has two developments in the pipeline in the West Midlands city; at Five Brindleyplace in association with Moorfield, and also at Two Snowhill with Ballymore.
Andrew Joseph, Manchester & Metropolitan Properties’ director, believes that the project will create one of the primary business spaces in the city.
He says; “The fact that Hines has exclusively committed to Landmark over any other development in Manchester city centre reflects the quality and integrity of the building’s design and location.”
Manchester is quickly becoming one of the UK’s prime locations for expanding companies, with the media hub at nearby Salford Quays attracting a great deal of attention from companies within a wide variety of sectors. Hopefully further investment will fuel the commercial property market in the city allowing it to achieve its full potential as a regional and international business centre.
