Approval by Salford planners has allowed an immediate start on the £10m modernisation of the city’s canal side Exchange Quay office complex.
First unveiled by Hunter Real Estate Investment Managers in April, the Salford Quays site is made up of six office buildings ranging from 26,151sq ft to 116,684sq ft. In addition to transforming all the offices to Grade A space the regeneration includes new entrances, reception and common areas, facilities and lifts. All the work is expected to be complete by next spring.
Purchased by the North American institutional client at the end of last year, the scheme also involves a leisure element including a new restaurant, gym, convenience store with Post Office, management suite and amenity hub.
Justin Myall is director of projects for Exchange Quay. “The entire team has been working hard to master-plan and create a timeline for the works to ensure that these progress smoothly with maximum consideration to the existing occupiers,” he explained.
“The work that has now commenced on the offices is just the beginning of this significant redevelopment programme and by the end of the summer, we will be gearing up to create the lifestyle elements that will bring the whole vision together.”
Among the complex’s current tenants are business enhancement specialists Winning Pitch, Kin-Tec Electronics and Sage UK, while Scottish Equitable subsidiary Aegon UK has recently signed a ten-year extension to it lease of 4,140sq ft within the Number Eight building.
Hunter’s fund manager, Iain Leheny, also welcomed Salford council’s rapid decision. “It is fantastic news that our proposals for Exchange Quay have been given the green light and now our plans will start to be brought to life,” he commented.
“We are excited about being able to demonstrate to the market the high quality of accommodation and brand new environment we are creating and we are looking forward to showcasing the offices.”
Developed on what was once the site of Manchester Docks, the 220-acre site was acquired in 1983 by Salford City Council with financial help from a central government derelict land grant. Rebranded as Salford Quays it became one of the first and largest post-industrial urban regeneration projects in the United Kingdom.
Elsewhere in Manchester, Titan Investors, the new owner of the former headquarters of the London Scottish Bank, is reportedly planning a 175,000 sq ft office block for the site.
The 50,000 sq ft property, opposite the Manchester Central Convention Centre, was put up for sale in 2011 and purchased by Titan – for a reported £20m – earlier this year.
The previous, Dublin based, owner had intended to start construction on a major redevelopment which would create up to 260,000 sq ft of Grade A office space, but the project was hit by the downturn in the Irish property market.
The building is located on the edge of St Peter’s Square, currently the site of other ongoing schemes including the £60m One St Peter’s Square (pictured above).
Additional material by Jodee Redmond
