Jobs boost for Green Quarter in Peninsula deal
Development Securities has pre-sold a 149,000 sq ft office building at City Park in Manchester's Green Quarter for £53m to Fred and Peter Done.
The Done brothers, best known for their eponymous chain of bookmakers, will use the building as the new headquarters for their employment law firm Peninsula Business Services.
Peninsula will relocate from Bruntwood's Riverside on New Bailey Street to the new building, also to be called The Peninsula, in 2010 and occupy seven out of 12 storeys. The law consultancy employs 750 people and published turnover of £56m in the last financial year.
The Peninsula, designed by Manser Practice Architects, will be developed by DevSec and transfer to the Done brothers' special purpose vehicle, Rainy City Properties, on completion.
Peter Done said: "The building will bring together Peninsula's front-end business functions and allow us to expand specialised departments accordingly. We have been looking for a great building opportunity for Peninsula, as we have outgrown our present premises.
"The new development will allow us to create additional job opportunities. The location of the building means employees will be able to enjoy the facilities of the city centre whilst taking advantage of the excellent transport amenities close by."
The Green Quarter is dominated by Crosby Homes' 1,500 apartments and is not yet established as an office district.
Sir Howard Bernstein, chief executive of Manchester City Council, said: "This is an important breakthrough and one we will be seeking to build upon as new regeneration initiatives throughout the area continue to be brought forward."