Alderley Park bidders through to final round
An undisclosed shortlist of developers competing to buy the 400-acre commercial science campus in Cheshire has entered a due diligence period with vendor AstraZeneca.
Around half-a-dozen firms are understood to have started a data room exercise to closely examine the liabilities and condition of the estate, between Macclesfield and Knutsford, which AZ is due to largely vacate in the next three years.
In March, the drugs giant announced suddenly that 1,600 jobs would be lost at Alderley Park, with roles switched to a proposed new facility in Cambridge as part of a global restructuring programme. There will be a phased exit from the Cheshire site up until 2016. Around 700 non-research posts will remain in Alderley Park after 2016.
Cheshire East Council is working with AZ in a task force that includes Manchester City Council and Manchester University to attract new tenants to the park. So far a handful of smaller firms have agreed to move to the campus, under the Alderley Park BioHub brand.
The buyer would get 1.5m sq ft of existing quality laboratories and offices. There is also the option of developing non-science premises including possibly a specialist school, hotel or housing on a minority of the land.
The site opened 40 years ago and scientists there worked on several cancer drugs and cardiac treatment beta blockers.
Jones Lang LaSalle is advising AstraZeneca. No guide price has been put on the site.
All parties declined to comment.
Best bet is to buy this, advertise extortionate rents so no one takes any space, plea with the council that the site is non-viable in its current form, slightly hint that housing would be popular especially with Airport city due to take off (excuse the pun), when they moan about lack of employment suggest putting a Waitrose on there as its Alderley Edge. Get a residential planning consent, have a word with players at Man U and Man City and get a few £5-6 million properties on there. Hey presto your quid’s in.
By Housing Developer A
How very cynical Mr Housing Developer A! But I couldn’t agree any more with you old chap. Plus it should get those wretches off the back of poor old Councillor Jones. But more seriously the AZ exit leads to a major brain drain from the North West, and a desperate loss to the North Wests credibility as anything other than a regional commercial centre that survives off public sector handouts along with the rest of the North. I am terribly disgruntled about this.
By Housing Developer B