MediaCity’s Digital World Centre hits market
Noting the site’s potential for a future 35-storey residential tower, owner Peel is seeking offers of more than £6m for the freehold of the 72,400 sq ft office complex.
A deal at that guide price would reflect a net yield of 12% and a capital value of £83/sq ft for the Peel-owned building.
The nine-storey Digital World Centre sits at 1 Lowry Plaza in Salford, within easy walking distance of the MediaCity tram stop. It sits within the latest MediaCity masterplan drawn up by the developments’ owners Peel Media and Landsec and Salford City Council.
The masterplan’s framework shows the potential delivery of 290 apartments on the Digital World Centre site.
One of the first speculative offices to be delivered at MediaCity, Digital World Centre was built in 2004. It includes 44 basement car parking spaces and flexible floorplates ranging from 6,000 sq ft to 11,400 sq ft.
The building’s ground floor includes restaurant spaces, complete with covered outside dining areas.
Current tenants include Nandos, Craft Brew, Media Agency Group, Regus, Computacenter, and Campus Living Villages. The building’s second and third floors are vacant, as are parts of the first and fourth.
Digital World Centre currently generates a passing rent of £768,800 a year.
“The sale of the Digital World Centre, with largely Cat A space, presents a fantastic opportunity for an investor and a sale will enable us to support future investment into regeneration projects across the site, creating further jobs and opportunities,” said Stephen Kirk, head of asset management for MediaCity.
“This is a rare opportunity to acquire a landmark office investment in the heart of the world-class MediaCity development with the potential to create stunning office accommodation with unparalleled views over the waterfront.”
Christopher Dee is marketing Digital World Centre for Peel.
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If we really must replace this building, lets try and replace it with something that’ll last a bit more than 20 years!
By Anonymous
The only reason to replace this building is greed. There are plenty of brownfields sites in Greater Manchester that desperately need regenerating before this one is needlessly torn down.
By LordLiverpool
@LordLiverpool the owners of this site probably don’t own the other plots of land you think should be regenerated. So what do you expect the owners to do? Would you want someone dictating to you that can’t put a conservatory on your house because there are plenty of other houses that desperately need extending?
By Anonymous