Joint Venture concludes deal to complete final phase of city centre Embankment scheme
Tristan Capital Partners and joint venture partners Ask Real Estate and the Richardson Family, have signed a forward funding agreement with Salford City Council to develop 100 Embankment, the second and final phase of the Embankment scheme in Salford’s Greengate neighbourhood, creating a new corporate centre for the city. The project is scheduled for delivery in early 2020.
The 9 storey 166,000 sq ft BREEAM Excellent Grade A office building will sit alongside its sister building, 101 Embankment, which is now the headquarter offices of Swinton Insurance Group. Located on the site of Manchester’s historic Exchange Station and overlooking the city’s Cathedral, the development has the benefit of an impressive setting.
John Hughes, Managing Director of Ask Real Estate said: “Our commitment to working in collaboration with both our public and private sector partners has resulted in the creation of a new prominent location for business, helping Salford City Council to meet their ambitions to bring high quality office accommodation with unrivalled amenity and public transport connections to this part of Greengate.”
Mark Morgan, Richardson’s Head of Real Estate commented: “We are delighted to be working with Ask Real Estate to deliver 100 Embankment which comes at a time when there is a real shortfall of Grade A office space in the city centre.”
Cameron Spry, Senior Partner and Head of Investments at Tristan Capital Partners said: “Our investment in this project began almost four years ago and its first phase has been a huge success thanks to the great location and strong demand from businesses. Salford City Council has been hugely supportive, recognising the development’s substantial contribution to regenerating this part of the city centre and bringing much-needed quality office space to the area.”
The City Mayor of Salford, Paul Dennett also said: “Salford City Council is delighted to see 100 Embankment progress to its construction phase. We are an enterprising innovative and commercially minded Council and investment in new jobs for the City is a high priority.
“We have a history of partnership working and delivering high quality schemes from MediaCityUK, New Bailey to 101 Embankment. The business base of the City has been transformed and direct investment ensures that we not only remain commercial as a Council to offset government cuts but also assist partners to continue delivering very high-quality office accommodation that competes with the best in the world.
“Our inclusive approach to the economy also means that there is a social value with local people gaining new skills and improving access to new employment.”
100 and 101 Embankment stands above a 442-space underground car park operated by Q-Park, and is fringed by retail and workspace units. The scheme faces Manchester Cathedral on the opposite bank of the River Irwell, while across the bridge lies Manchester’s main shopping and leisure hub, including the Manchester Arena and a wide variety of restaurants at the Corn Exchange. The area is well-served by a range of public transport options, with Victoria Station and Metrolink in close proximity.