The Leading News & Information Service For The Facilities, Workplace & Built Environment Community

Spinning a Good Development

13 June 2014 | Updated 01 January 1970
£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 | Published 13 June 2014


Related Tags

Related Articles

Mecsia Receives Investment to Support Growth Strategy

M&E specialist Mecsia has secured investment to expand its services and make more strategic acquisitions. The maintenance services company was formed in 2020 after...

 Read Full Article
FM Software Company Raises a $500k Seed Round

Prengi, a property and facility management SaaS product, has raised a $500k seed round. Prengi is an FM software tool that helps managers to manage their internal...

 Read Full Article
Ecoserv Receives £4m in Asset-Based Lending

Commercial cleaning firm Ecoserv Group has received a £4 million asset-based lending facility from Cynergy Business Finance. Ecoserv aims to become the largest...

 Read Full Article
EcoSync Close to £1m Funding Target for Commercial Building Energy Solution

A tech start-up that provides room-by-room energy management solutions for commercial buildings has raised close to £1 million in its second seed funding...

 Read Full Article
Five Heat Network Innovations Win Funding from HNIP

Nearly 29,000 homes and businesses will see lower carbon emissions and energy bills thanks to innovative heat network projects being backed by around £56 million of...

 Read Full Article
FMs Have Four Weeks to Apply for Electricity Generation Funding

Facilities management companies that own or operate commercial electricity generation have just four weeks left to apply for funding that will help them update their...

 Read Full Article
Jones FM Acquires Funding From Thincats

Jones FM, the London-based facilities management company, has been supported with a share buyback funding package by finance provider...

 Read Full Article
Sustainable PropTech Companies To Receive €200m of Funding

A new fund has been launched to invest €200 million in start-up companies developing sustainable tech to target the carbon footprint of cities.  The venture...

 Read Full Article
Engineering Fund Generally Not Fit - Just Three 'Developing Women Engineers' Applications

Sheffield Heeley MP Meg Munn (pictured) has criticised the Government’s Employer Ownership Fund (EOF) as not fit for purpose after learning that just £720,000...

 Read Full Article