MIPIM 2015: MAG announces first spec office
Manchester Airports Group has revealed plans for a 75,000 sq ft speculative office scheme at Airport City North, to be ready for occupiers at the end of 2016.
Speaking at the Manchester stand within the Palais des Festivals in Cannes, MAG property chief executive Lynda Shillaw said the product was a response to strong occupier demand.
Shillaw said two existing 200,000 sq ft office buildings at the airport are fully let. Tenants include Etihad, Sherwin Williams, PZ Cussons and SCA Hygiene.
Shillaw said: "The building could be let in its entirety or to multiple tenants. The design will enable each floor to be sub-divisible in four ways to allow for occupier flexibility.
"Construction will start on site in the summer and it will be ready for new occupiers at the end of 2016."
MAG recently received planning permission for 400,000 sq ft of speculative warehouse space in Airport City South, with 130,000 sq ft at ALPHA, and 260,000 sq ft in a joint venture with Stoford.
Speaking to Place North West, Shillaw explained that the volume of enquiries MAG had received from occupiers meant that it had to urgently deliver a product.
"We already have a significant amount of interest lined up, both to take the full building and for parts of a floor. We're also working on a few big deals which are expected to come to a head in the coming months.
"Airport City is developing fast and there's a lot of schemes coming through. My objective for the next three years is to get as many buildings out of the ground as I can. Occupier interest in the market is back, so now is the time to go hard and fast. Once the first office is built and let, we'll look at lining up the next one."
The office scheme will form part of the central business district at Airport City alongside a 350-bedroom hotel for an operator due to be announced shortly. These developments will form a crescent around the first phase of public realm and next to the recently expanded ground transport interchange.
Airport City Manchester has a masterplan to deliver 5m sq ft of office, logistics, hotel, retail, and advanced manufacturing space.
Airport City Manchester is a joint venture between MAG, Carillion, Beijing Construction Engineering Group, and the Greater Manchester Pension Fund. Argent is the development manager.
CBRE and JLL are the letting agents.
75,000sq ft !!!!!! not really worth shouting about…When is this much hyped deal really get going….we might have to wait a very long time
By Roberto
Especially when the proposed tenant has merely been filched from elsewhere in the North West. Not exactly wowing the international big hitters, as promised….
By Captain Jon Lindsay
After years of airport city in the media, multiple launches, could we finally see a spade in the ground?!
By Joe