Despite stating its commitment to the 3.25m sq ft Exchange Greengate scheme in Salford, it has been reported today Manchester-based developer Ask has decided against speculatively developing the major £500m project.
Ask signed an agreement with Network Rail, which owns most of the site, in December 2007, with plans submitted for a mixed-use development on top of and behind a railway bridge.
Ask Developments, backed by Morgan Stanley, aims to develop the giant scheme over a 10-15 year period.
This week, the developer held back plans to develop its two residential schemes, St Petersfield in Ashton and Clippers Quay in Salford, which consisted of 100 apartments in total, until market conditions improved.
As reported in April, Ask Developments chose DTZ and Cushman & Wakefield as letting agents on 500,000 sq ft of offices at Exchange Greengate.