Salford mulls options for 100 Embankment 

The 166,000 sq ft council-owned office is still vacant following completion last summer but the authority said there is a high level of interest in the Greengate asset from potential buyers and occupiers. 

Investor M&G, which owns the neighbouring 101 Embankment, has made initial enquiries about acquiring the 10-storey office block, according to a report to Salford City Council’s growth and prosperity scrutiny panel.

The council said it would explore the option of selling 100 Embankment, located on Cathedral Approach on the Salford bank of the River Irwell, over the coming months. 

Developed by Ask Real Estate and Tristan Capital Partners, the office block is “well placed to take advantage of pent-up demand” post-pandemic, according to the report, but deals that had been in train during lockdown have since fallen by the wayside. 

The council, which forward funded the construction of the scheme to the tune of £40m, said a “multinational company” had signed an exclusivity agreement to buy the building last year but that the deal was never completed.  

In addition, the report said that professional services firm Deloitte had shown an interest in leasing the building prior to its move to 35,000 sq ft of WeWork managed accommodation within the Hanover Building at Noma. 

However, Deloitte’s temporary move should be seen as a positive as “the requirement is likely to resurface in the future as Deloitte looks for a permanent base”, according to the council.

Despite a decrease in transactions during the pandemic, illustrated by a 600,000 sq ft reduction in lettings in Manchester and Salford year-on-year, the council maintains that 100 Embankment is “well-positioned to satisfy a significant volume of enquiries circulating”. 

The council believes the building would be suitable as a headquarters or hub building for a single occupier from the insurance, technology, or public sectors.

The neighbouring 101 Embankment completed in 2015 but is largely vacant; Swinton occupies 60,000 sq ft leaving 106,000 sq ft still available.

CBRE and Cushman & Wakefield are the joint agents on 100 Embankment.