Cora and Marshall enter race for £800m Salford masterplan
Cora Land, the newly-formed development arm of consultant Cora IHT, has partnered with Marshall CDP to bid for the £800m Salford Crescent masterplan, Place North West understands.
Cora Land has been launched by Toan Chau, director behind the consultancy Cora IHT, and entrepreneur Chris Song, with a remit to secure joint venture deals and partnerships for new developments across the UK. The company is based at Adamson House on Towers Business Park in Wilmslow.
Cora’s bid is understood to be among around 30 other expressions of interest for the Salford masterplan.
Speaking about the launch of the new business, Song said the company was in the process of securing £250m of funding from an investment group including companies such as Huawei, Tasly, Oppo, and OnePlus.
“We have been watching from the sidelines as the North of England takes shape but now have the opportunity to create modern, versatile and sustainable developments by fusing East and West development principles,” he said.
It has already partnered with Marshalls to bid for the £800m Salford Crescent masterplan, covering a 240-acre site including the University of Salford’s existing campus, the Crescent, green spaces at the Meadows, Peel Park, and the David Lewis Sports Ground.
Overall, the masterplan has opportunities for around 1m sq ft of education floorspace; 6m sq ft of commercial floorspace targeted at industrial growth sectors; around 2m sq ft of public realm; and 2,500 new homes and apartments. Architect 5plus is the masterplanner for the scheme, having been appointed in June 2017.
Cora IHT was founded in 2016 and its clients include Lidl, Land Rover, Hovis, and First Direct. It has already worked with Marshall CDP to deliver an industrial development in Runcorn, alongside a mixed-use scheme in Darlington.
Projects in the North West include an 188,000 sq ft industrial development at Omega Drive in Irlam as well as a 30,000 sq ft unit at Battersea Road in Stockport.
Song, left, and Chau, right
Elsewhere in the North West, Marshall CDP is currently delivering a 190-bed hotel and casino on Portland Street, and has started work on a redevelopment of Brazennose House on Lincoln Square, which will provide around 100,000 sq ft of offices.
Chau added: “This is an exciting time for Cora as we continue to provide our specialist services to our clients but also have the unique ability to take the various projects forward to construction and completion as an investor and developer.”
Salford City Council has been contacted for comment.
