The North West
Landmark Manchester Emerges Onto St Peter’s Square
Evergreen 2 completes first loan for Citylabs 2.0 in Manchester
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arings Real Estate, part of Barings LLC, one of the world’s largest diversified real estate investment managers, has recently announced that Landmark Manchester (Landmark), a 180,000 sq. ft. office development that it is undertaking on behalf of an institutional investor, is emerging onto St Peter’s Square with the concrete core now complete.
With Castlebrooke Investments retained as development manager, benefiting from their strong track record in project delivery, and having spent over a year in the demolition and basement formation phase, construction work is well underway with the Grade A, BREEAM Excellent office building set to be launched in Summer 2019. Appointed contractor Bowmer & Kirkland has completed the basement levels, which will support 14 floors of virtually column free office space and a double-height reception at ground level. The building’s concrete core is now visible on the Manchester skyline and, when completed, the scheme will add to the vibrancy of one of the North’s most significant public squares.
Designed by world-renowned architects Squire & Partners, Landmark has been created with the next generation occupier in mind. The building is being constructed with an offset core to enable large and efficient floorplates to be designed offering maximum flexibility to occupiers.
In a market that is currently experiencing strong levels of demand coupled with limited supply, Landmark is one of only two new build office developments due to be completed in Manchester City Centre in 2019. The scheme has received overwhelming support from Manchester City Council and will complete the Council’s vision for St Peter’s Square and the Civic Quarter.
Situated in the heart of Manchester’s central business district at St Peter’s Square, Landmark is in a prime location close to St
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Peter’s Square Metrolink and several train stations. The development also has easy accessibility to the M60 via the M602 with the location being furthered strengthened by the planned High Speed 2 railway project which will connect Manchester with major cities across the U.K.
Charles Weeks, Head of Barings Real Estate - Europe, said; “The city of Manchester is thriving. It is consistently one of the strongest, most active city centre office markets outside of London. Landmark will play a pivotal role in enhancing what the city has to offer by providing businesses with a destination that is both modern and flexible as well as providing excellent infrastructure and connectivity. Barings Real Estate has a proven record of accomplishment adding significant value to investments both within the U.K. and globally and we are delighted to oversee this important development project.”
Agents on Landmark are CBRE and Colliers International
Barings Alternative Investments (BAI), part of Barings LLC, is a 450+ associate team located across 11 countries that manages $52.3 billion in client capital (as of March 31, 2018). BAI seeks differentiated sources of returns by incorporating decades of investment experience in alternative assets offering investors access to a diverse range of opportunities across private equity, real assets, asset-based investments and the four quadrants of real estate. We serve as a trusted partner to clients, leveraging our global presence and robust origination capabilities to identify the most attractive risk-adjusted return opportunities.
The Barings Real Estate team offers a broad range of investment opportunities globally across the public and private debt and equity markets. The team invests across all major property sectors with a focus on global relative value and trend-backed preferred strategies.
anchester Science Partnerships, the leading UK operator of
science and technology campuses, has recently been awarded an £18.5 million loan for the pioneering Citylabs 2.0 development in the heart of Manchester’s Oxford Road Corridor innovation district.
Building on the success of the Citylabs 1.0 biomedical centre of excellence, which was fully occupied just 15 months after launch in 2014, Citylabs 2.0 is a 92,000 sq ft state of the art laboratory and office facility.
It is being developed for Manchester Science Partnerships by Bruntwood, its majority shareholder, and is a joint venture partnerships with Manchester University NHS Foundation Trust (MFT), offering easy access to clinical validations and trials.
The development, alongside Citylabs 3.0, has high strategic importance to Greater Manchester and the wider North West and is part of a £60 million further expansion on Europe’s largest clinical- academic campus providing access to clinicians and patients.
It offers state-of the-art laboratory workspace for health and medical technology businesses, focusing on creating a UK hub for the rapid development innovations in predictive and preventative medicine.
The funding includes £12.5m from Evergreen 2, the first loan facility to be made from the new £45m fund which is supported by the 2014-20 European Regional Development Fund programme.
The balance was provided by the original North West Evergreen Fund, and will be used to finance the construction costs, professional fees and expenses of Citylabs 2.0.
Andrew Antoniades, Senior Director, CBRE Investment Advisory, added: “We are delighted to have provided the funding for this strategically vital scheme, the first for Evergreen 2
COMMERCIAL PROPERTY MONTHLY 2018
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