Council 'could fund Spinningfields expansion'

Office design news from Morgan Lovell

Published on 03-03-2010

Manchester City Council could be set to foot the bill for the creation of up to 600,000 sq ft of additional office space at Spinningfields in the city centre, it has been revealed.

Crain's Manchester Business reported the office construction project could get the all clear as the council looks to invest in the office park. The additional funding supplied by the investment would allow the park's owner Allied London to get underway with its next phase of development, which it would hope to have complete by 2015.

The report stated: "The income that Allied London proposes to pay will support the required borrowing costs and therefore from an investment perspective ... this represents a transaction which represents best value."

Elsewhere in the city, local planners also recently gave the go-ahead for the construction of 270,000 sq ft of new office space at One St Peter's Square.

Proposed by the Greater Manchester Property Venture Fund and its development partner Argent, the partnership noted individual office spaces at the site could be up to 22,500 sq ft, making it a popular choice for firms looking to hire large floorplans.

Posted by Paul Kelly.