Greengate Embankment office on track [GALLERY]
Construction of Ask Real Estate’s 101 Embankment office in Greengate, Salford, is on track for a July 2016 completion date, while the foundations are also being laid for a further 167,000 sq ft second phase known as 100 Embankment.
The development of the 165,000 sq ft office building includes a multi-storey car park for 445 vehicles, which has been pre-let to Q-Park on a 35-year lease.
See below for images of construction and CGIs
The office is being delivered in a joint venture between Ask Real Estate, Carillion, and Tristan Capital Partners. In 2014 Tristan bought the site from the landowner, Network Rail in a £20m deal, taking a 75% equity stake in the project.
The scheme on the northern bank of the River Irwell, next to Manchester Victoria Station and opposite Manchester Cathedral, includes part of the old Exchange Station. Construction has seen extensive ground excavations around the station, with the original façade forming part of the entrance to the car park. A range of small restaurant units are also due to be installed within the railway arches.
Salford City Council has agreed a non-occupational eight-year lease on the entirety of the office. It will surrender the lease if tenants are secured. The building will be available at a quoting rent of £30/sq ft.
The deal with Tristan is also bringing forward 100 Embankment, a 160,000 sq ft block to be built on the plot next to 101. Foundations for the office are currently being installed in order to allow for a rapid construction should a pre-let be secured.
The projects by Ask Real Estate form part of the second phase of the 3.2m sq ft Greengate Embankment project. The public realm first phase of the scheme was completed in March 2013.
Next to 101 Embankment, Renaker Build is on site with One Greengate, a 497-apartment scheme. Select Property Group is also part-way through construction of City Suites, an aparthotel made up of 260 units. Both schemes are due to complete by the end of 2016.
CBRE and DTZ are joint agents on 101 Embankment.
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