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Wednesday, 13 November

Spinning a Good Development

£10million of Evergreen funding has been awarded to Allied London’s Cotton Building in Spinningfields

 

The North West Evergreen Fund has provided Allied London with the development loan to part fund The Cotton Building in Spinningfields in Manchester.

To complement this investment, the Greater Manchester Combined Authority (GMCA) also arranged for a further £5 million to be provided from its Growing Places Fund on a pari passu basis.

The Evergreen and GMCA investments will support the delivery of the 10-storey commercial building in Spinningfields, which upon completion, will allow tenants to completely customise their space, from lighting and heating elements to partition walls and furniture.

The building will be managed by hello Work, Allied London’s new property management service. hello is a concept that has been developed to provide a range of workplaces and infrastructure for the UK’s emerging creative and corporate organisations.

The secured financing will enable construction to take place on the entire development of the building with works expected to commence early June 2014. Completion is expected by the end of 2015, and will provide 160,000sq.ft of office space in Manchester.

The North West Evergreen Fund, which is made up of 16 local authority limited partners, was established to provide funding to support real estate projects, which is critical to the region's economy, generating jobs and growth. It is capitalised through the European Regional Development Fund (ERDF) and other public money allocated under the Joint European Support for Sustainable Investment in City Areas (or JESSICA) initiative, which is managed by the European Investment Bank in the North West on behalf of the Homes and Communities Agency.

The Cotton Building exceeded the development targets covering, remediation and floor space outputs and as such, was granted the maximum amount that the Evergreen Fund could provide.

Set to complete in 2015, the building will feature a public environment, which includes subterranean parking for several cars along with a cycle park and indoor gardens. The primary access route is by bicycle, via a ramp from street level.

Andrew Antoniades, Director of CBRE Capital Advisors, the fund’s investment advisor, stated: “The Cotton Building will provide a graduated offer to create an eco-system of its own, with a fluid workspace at the heart. We will be looking to support SMEs, that can move up the building as their business grows. The large floorplates of the top storeys provide exceptional space for large corporates, creating an environment that will promote idea sharing and collaborative working.”

 

Pictured: The Cotton Building will be open in 2015 for business

Article written by Mike Gannon

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