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GMPVF Picks Up City Centre 'Island Site'
Three building site may finally be redeveloped
THE three-building 'island site' around John Dalton Street has been bought by the Greater Manchester Property Venture Fund.
"The Island site is a great medium term redevelopment opportunity."
The site includes Grange House, 5 Ridgefield and Old Colony House and has changed hands several times in the last decade without development. The new owners are hopeful a scheme can be brought forward in the nexy two years, however.
Aoife McEvoy, of GVA Grimley, fund manager to GMPVF, said: "The Island site is a great medium term redevelopment opportunity, which demonstrates GMPVF’s continued appetite for quality investment in the city centre.”
Meanwhile, Prudential has won planning permission to redevelop Brazennose House next to Lincoln Square. Squire & Partners and Drivers Jonas Deloitte are drawing up a redevelopment plan.
William Rooke, at Prudential property managers PRUPIM, said: “As well as meeting the next wave of demand for prime office space and headquarters for corporate occupiers in the city centre, this area will be reinvigorated by improvements to Lincoln Square with the new piazza. We will now be able to deliver a destination for business, fitting for the scheme’s prime city centre location.”
Jones Lang LaSalle has been instructed to find a pre-let for the building, which will be demolished next year.
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why is everything next year,why do you have tenant before you build it ,"if you build it they will come"
Amateur!
He's probably right ,if they all start building at the same time when the economy gets better there won't be enough workers or building firms left to do them,might as well do it now while things are competative
competitive....... before the spelling police jump on me
Jill, GMPVF largely holds pension moneys of public sector employees from around Greater Manchester.
Engaging in activities of 'speculative development' would be considered a high-risk strategy at this moment in time, which few soon-to-be-pensioners would agree to.
Frankly, it would be gambling with other peoples' money.
That, and his inability to grasp the basics of over-development, is why I called Anon an amateur.
Did it occur to you that places as divers as Las Vegas, Miami, the Spanish Riviera, Leeds, Zhengzhou, and Irland as a whole suffer from this phenomenon?
I think it was Victor Kiam who said "when everyone is buying ,sell ,when everyone is selling, buy" ,why not when nobodies building, build.If they build to a high standard it will get used.
Arent GMPVF already 'gambling with other peoples money' with their 'speculative' Elizabeth House redevelopment?
Good Lord, KPMG have committed to moving in, mate. That's why it's happening five years late...
Nobody is going to build a potential empty rates liability in the middle of financial uncertainty.
Schemes like this will only ever go ahead with a chunky pre-let.
so not next year ,maybe the year after ,or the year after that
When Eversheds went bump someone moved into there offices pretty quick
Do you mean Halliwells Anon? Eversheds are still alive and well.
That space was taken in a few small chunks - big schemes simply won't take the risk of trying to line up two, three or four smaller deals in this occupier market. They want one biggie to kick things off, such as KPMG at Elizabeth House, etc.
sorry yes,just wishfull thinking
sorry yes, just wishfull thinking
must have a stutter lol
Brazenose is nasty. Blow it up (but don't damage the town hall) :)
Demolition on Brazennose starts ' next year'. Grand!