The Greater Manchester Property Venture Fund has chosen Henry Boot Developments as its preferred partner to bring forward the Island Site in Manchester city centre, a 90,000 sq ft new-build office just off John Dalton Street.
The site currently houses three buildings – Grange House, Old Colony House, and Ridgefield – which will all be demolished to make way for new office accommodation. It is also home to leisure and restaurant operators including Grill on the Alley and Salvi’s.
It has a potential developable area of around 90,000 sq ft over nine storeys, with retail and leisure at ground floor.
It is understood Henry Boot beat both Kier and Ask to the project, which is expected to start on site in early 2019.
Cllr Kieran Quinn, chairman, Greater Manchester Pension Fund, said: “We are very pleased to appoint Henry Boot Developments as our joint venture partner for the Island Site, and look forward to creating a landmark development that befits the prominent location in the hub of the city centre.
“The development undertaken by GMPVF has the twin aims of generating a commercial return for the fund and supporting the wider economy of the North West, in this way we are able to meet our future pension obligations and invest locally the pension contributions received in the main from employees in Greater Manchester.
Adam Brady, director and head of Henry Boot Developments’ Manchester office, said: “2017 has been a strong year for Henry Boot, during which our Manchester development business has continued to expand its portfolio – this latest appointment really underlines our commitment to the city, which remains one of the key target areas for our ongoing investment strategy during the coming years.
“Given its scale and location at the heart of Manchester city centre, the Island Site is an important regeneration project and has huge potential – we look forward to working alongside GMPVF to bring forward the redevelopment of the site, with some exciting plans in the pipeline.”
Architects were invited to tender for the project in August this year, with a professional team to be assembled before a planning application is lodged in late 2018.
According to tender documents, the winning architect will be required to “demonstrate an understanding of the Manchester office market” as well as experience of Grade A new-build office design.
The fund purchased the three buildings on the site in 2011 for an undisclosed sum.
GVA is acting as procurement agent for the Island Site scheme.
Henry Boot has expanded its portfolio in Manchester in the past 12 months, having snapped up the 28,500 sq ft Equitable Building on St Ann’s Square for £12.5m in June this year.