Alliance quiet over DevSecs JV on Axis
Property Alliance Group today attempted to play down speculation it is close to agreeing a joint venture with Development Securities to develop the 18-storey Axis office tower in Manchester city centre.
DevSecs is said to be considering acquiring a stake in the 75,000 sq ft of office space priced at half the land value and half of the £20m construction cost. Investment agents said the finished tower could be worth £45m.
A spokeswoman for Alliance confirmed there had been interest from other developers and investors in the scheme but declined to comment on whether a deal was imminent or reveal the identity of any possible suitor.
Adam Higgins, director at Alliance, added: "Seventy per cent of office occupiers in Manchester want floorplates of less than 5,000 sq ft. Axis is currently the only Grade A office building under construction in the city centre meeting this requirement."
"This combined with the high-profile position and exceptional design is generating significant levels of interest from the marketplace."
Axis is on site on a canalside plot off Albion Street next to Deansgate Locks. Completion is expected by the end of 2009.
WHR and P3 are the letting agents on Axis.