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Commercial Property News
Manchester City Council considering Spinningfields investment
Manchester City Council is looking into investing in commercial property in the Spinningfields area of the city in order to increase development.
The plan has been outlined in a report that is to be presented to the council's executive committee in a meeting next week, which suggested that the local authority purchases two sites that are currently under construction.
Money generated by the investment would enable the developer, Allied London, to finish work on the business properties, located at 1 and 2 Hardman Street and 2 and 3 Hardman Boulevard.
"It is unclear when the next phase of development is likely to start, and whether this will commence at all without a significant pre-let," the document said, reports Crains Manchester Business.
The transaction would give the council business property in a "successful and strategically important area" it added.
Set over 2.37 million sq ft, Spinningfields will feature office space that can hold 25,000 workers once it is completed, as well as 391 apartments and a 200-bed hotel.
The plan has been outlined in a report that is to be presented to the council's executive committee in a meeting next week, which suggested that the local authority purchases two sites that are currently under construction.
Money generated by the investment would enable the developer, Allied London, to finish work on the business properties, located at 1 and 2 Hardman Street and 2 and 3 Hardman Boulevard.
"It is unclear when the next phase of development is likely to start, and whether this will commence at all without a significant pre-let," the document said, reports Crains Manchester Business.
The transaction would give the council business property in a "successful and strategically important area" it added.
Set over 2.37 million sq ft, Spinningfields will feature office space that can hold 25,000 workers once it is completed, as well as 391 apartments and a 200-bed hotel.
Fri, 5th Mar 2010