Bullish Stockport presses ahead with future office phases
With only 6% of space available in the first two buildings at Stockport Exchange, and the third due to complete this summer, the council is seeking to pave the way for another three office blocks.
Stockport Council’s regeneration committee will meet next week to sign off funding to draw up a revised hybrid application requesting consent for phases five, six, and seven, with the potential for some residential delivered in the eighth phase.
The existing permission, which allows for 375,000 sq ft of offices overall, expired last year.
With no Grade A space due to complete in South Manchester in the next two years Stockport Exchange is “well placed to capture current and future demand in the area”, according to a council report.
By progressing detailed plans for the next 65,000 sq ft office – and securing outline planning consent for phases six, seven, and eight – Stockport Exchange will put itself “in the best position to meet this demand”, the report adds.
Demand for office space at Stockport Exchange, which the council is delivering in partnership with Muse, has proved strong.
The first office, providing 40,000 sq ft, completed in 2016 and is fully let to Music Magpie and Stagecoach.
The second office, providing 61,500 sq ft, is let to BASF and O’Neill Patient Solicitors, which occupy a combined 43,000 sq ft across two floors each. Other tenants in the building include Industrials REIT, and Community Health and Eyecare, leaving 6,000 sq ft available.
The third building, which is currently under construction, is also close to securing occupiers.
Terms have been agreed with a company for the top floor and terms issued on another two floors, according to the report.
“The successes of phases one, two, and three are testament to the high-quality Grade A accommodation on offer, the highly sustainable location, with public transport access and car parking, wellbeing, amenity and building sustainability,” the report states.
By revising the masterplan, the council also hopes to put itself in a favourable position to secure government funding to support the delivery of future phases.
In addition, having an up-to-date planning consent will put the authority in a stronger position should it have to resort to using CPO powers to assemble the remaining land required to bring forward the scheme.
The council is trying to acquire 76 – 84 Wellington Road South and is currently negotiating with the owner of the last remaining property within that row.
If negotiations are unsuccessful, Stockport could consider a CPO to take control of the whole site, needed for landscaping purposes.
Other parts of the Exchange masterplan include a 115-bed Holiday Inn Express, a 1,000 -space multi-storey car park, and a Sainsbury’s.