LONDON, UK: Henry Boot PLC introduced that its property funding and development business, HBD, alongside its 50:50 three way partnership partner, Greater Manchester Pension Fund (GMPF), has commenced on the Island, a £66m GDV speculative workplace development.
Located in a key site in Manchester metropolis centre’s prime core, Island will see the sustainable redevelopment of a 10-storey constructing into c.100,000 sq ft of net zero carbon, smart-enabled workplace accommodation. The constructing is targeting the highest sustainability certifications, together with an EPC ‘A’ rating, BREEAM Excellent and a 5.5 star carbon NABERS rating.
Bowmer + Kirkland has been appointed the main contractor to construct the scheme, with construction of the Cartwright Pickard designed scheme scheduled to commence this month with sensible completion due in summer 2024.
Close to each Spinningfields and St Peter’s Square in Manchester metropolis centre, Island is surrounded by an abundance of leisure and eating facilities and public transport connections. Manchester’s workplace letting market remained robust all through the pandemic, with prime space persevering with to be in demand. Availability of offices with excellent ESG credentials is especially scarce, with a variety of corporates seeking a regional base solely contemplating offices that meet the highest sustainability standards, which Island’s net zero carbon proposition satisfies.
HBD, led by strong buyer demand and in line with its strategic target, continues to construct up its dedicated development programme, the overwhelming majority of which is both pre-let or pre-funded.
Ed Hutchinson at HBD, commented: “Our decision to speculatively develop Island is an actual assertion of intent, and demonstrates our confidence not solely in Manchester however within the way forward for workspace extra broadly. While working patterns have evolved, demand for high-quality, well-located workplace space stays robust. Targeting the highest sustainability standards, the project’s innovative design, mixed with its people-focused and ‘smart’ workplace space, align completely with the improved requirements the modern occupier demands.”
Councillor Brenda Warrington, Chair of GMPF said: “The begin of labor on site at Island is a main landmark for the event and the Manchester City Centre workplace market. As the subsequent generation of workplace lodging reflecting new methods of versatile working, our ambition is to obtain zero carbon and supply the highest ranges of accessibility required by future occupiers. Funding from GMPF to projects such as this, meets our twin goals of achieving a good return for our members’ pensions, while additionally delivering a positive financial and social regeneration impact on the city.”
www.henryboot.co.uk