The North West Recent Successes – Current Availability and


Future Opportunities By John Fletcher Director, Fletcher CRE We expect to 2023 to see a strong start for many of the regeneration projects in Bolton Town Centre, already we have seen sites commence construction at Step Places, Moor Lane Development, Placefirsts Central Street Development and the nearing of the completion of the Forshaws Bark Street Development to Your Housing Group. These large


residential


developments will see circa 1,500 residents living in the Town Centre. These developments are all thought to provide high specification quality living accommodation which will attract professionals and families into the Town Centre. They will hopefully set capital value and rental tones which will encourage additional high quality developments in Bolton Town Centre. Already we have seen rental levels increase by over 20% in the last 18 months, with demand demonstrating there is much needed capacity for high quality stock. Bolton University is also in need of high quality residential developments and associated amenities in order to attract more students both in the UK and abroad to the Town Centre.


On the Commercial side, we have seen good take up over the last few years, including over 30,000 sq ft let at Gordon Moon Properties, 120 Bark Street, at higher rental tones for the building which have not previously been achieved. Bruntwoods, Atria is at just over 90% occupancy, as well as Merchants Place. The lack of available Grade A stock in Bolton Town Centre


has resulted in a lack of readily available options for those with requirements greater than 10,000 sq ft in the Town Centre. Whilst there is more availability at Middlebrook, we are seeing further take up here. Whilst there is still a viability argument for grade A office developments in the Town Centre, the demand for high quality and energy efficient office accommodation to attract higher quality staff, combined with the Councils strategy and support for office developments, will hopefully result in new schemes brought forward in the medium term.


More recently we have also seen Moorgarth announce the confirmation of the relocation of Primark to the Market Place, who will be taking the Ground Floor and Part basement of the former Debenhams space. This relocation in 2024 further comments the Market Place as being the premier retail and leisure destination in the Town. It is hoped this relocation will spark further regeneration and attract high quality occupiers to the Market Place.


Fletcher CRE have been involved in a number of these projects in Bolton Town Centre, working with both the council, key development partners, stakeholders and landlords in order to help facilitate many of these projects. We provide agency, development, valuation and investment advice across the North West. We are involved in a number of projects for a range of clients.


Second Pre Let Deal Agreed at £45 Million Industrial Development in Greater Manchester


Network Space has agreed a second pre-let deal at Broadheath Networkcentre in Altrincham to freight forwarding specialist, XPand Logistics.


The company is taking a 28,700 sq ft unit at the Atlantic Street site, where some 206,000 sq ft of high quality workspace is being delivered across 25 units. The letting swiftly follows a recent deal to Maersk for a 41,500 sq ft unit which means more than 35% of the site is now let in advance of practical completion.


Bansco is delivering the development on behalf of Network Space, with work at the 11.5 acre former Cartwright headquarters due to complete this autumn.


Simon Eaton, Senior Development Manager at Network Space, said: “It’s fantastic to have already let over a third of the scheme to such exceptional occupiers so far in advance of completion. This is testament to the quality of the scheme, its sustainability credentials and its prime south Manchester location.


“We continue to receive a very high level of enquiries from a broad range of potential tenants across multiple sectors and are now well on our way to delivering a best-in-class scheme offering high quality employment space, job opportunities, inward investment and economic growth.”


COMMERCIAL PROPERTY MONTHLY 2023


The regeneration of this brownfield site will see a mix of high-quality refurbished space, alongside new builds, creating a modern, multi-let industrial destination. With remaining units available from 2,100 sq ft to 21,500 sq ft, the development has the capacity to create upwards of 400 new jobs and provide much needed speculative workspace in the region.


An environmentally friendly scheme, targeting EPC A ratings and BREEAM Very Good, there has also been a significant reduction in embodied carbon through the construction process as the steel and concrete structures on the site are being reused and recycled. In operation initiatives include renewable energy provision through


solar panels and electric vehicle charging points across the entire scheme.


The scheme is being supported with a £23.25 million loan from Trafford Council and with over 95% of the project budget being invested in a supply chain within 45 miles of the site, a significant number of local training and employment opportunities have been created.


Jonathan Williams at Savills and Will Kenyon at B8 have been appointed as letting agents for Broadheath Networkcentre by Network Space. The wider professional team includes Walker Sime,


project management surveying and AEW architects. and quantity


Lunio Signs up at Hyphen Building


One of the UK’s fastest-growing SaaS scaleups Lunio has moved into Hyphen Building in Manchester city centre.


Lunio, represented by workspace advice


specialist Level, has taken 5,000 sq ft on the fourth floor of the Grade A office on Mosley Street. Headcount at Lunio has grown by 168% to 78 in the past 12 months, prompting the move to Manchester from Chorley.


Neil Andrew, co-founder and CEO of Lunio, said: “This move signals the next stage in our scaleup journey. We have a larger pool of talent to attract staff from, larger space to accommodate our growing needs and now have a much more central location for events and client visits.”


Lunio adopts a hybrid working policy which involves staff being in the office for two days a week, with the exception of its product team which is fully remote. The company is also currently trialling a 4-day work week across the business and further hires are expected.


Joe Averill, founder of Level, said: “Lunio is a scale-up that seems to instinctively get how to make hybrid working work. Having been based in Chorley they wanted a prime Manchester city centre location with everything for their employees on their doorstep. Level was delighted to advise Lunio and its founders.”


Torsion Group Secures £114m New Contracts Including First for Manchester.


Leeds-based construction and property business Torsion Group has secured four new major construction


projects totalling £114m within its


Residential and PBSA (Purpose Build Student Accommodation) division, including its first development in Manchester.


The recent series of new business wins means that the Torsion Group is on course to top £122m turnover in 2023. The four schemes are; a £46m residential development in Birmingham for Select Property; a £25.9m residential scheme in Manchester; a £10.2m student accommodation Scheme in York; and a £32m student accommodation scheme with Bricks Group (for its true student brand).


Due to the challenging market conditions over the last few years, the company has utilised its design-to- budget philosophy to secure these schemes. All four developments are design and build and are being delivered by Torsion Construction.


In addition to the new contract wins Torsion Group has a very significant development pipeline, with four major projects currently consented or in planning in Birmingham, Leeds, Sheffield, and Coventry to deliver 881 beds by 2025. The company has managed to achieve impressive growth over the last few years despite industry-wide challenges around rising costs, covid and material shortages. The transition over the last five years into a high-performing real estate business, including developer, builder, and operator, has been led by its CEO, Dan Spencer.


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