125 Demo 1

Worthington offers glimpse of 125 Deansgate progress

Developer Worthington Properties has released images of the ongoing demolition works at Lincoln House, which Forshaw Demolition is currently taking down.

The £70m 125 Deansgate development involves the demolition of three interlinked buildings formerly occupied by law firm Pannone. Once cleared, the site will see construction of a 12-storey building with 113,500 sq ft of offices.

125 Demo 2A £45m funding facility was agreed with the North West Evergreen Fund in January for the project, which is due to be completed in the summer of 2019.

Designed by Glenn Howells Architects, the building was approved in 2015. Savills and Knight Frank are instructed on the offices, with Cheetham & Mortimer engaged to let the ground floor retail space.

 

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£70,000,000 / 113500 sq ft = £616 per square foot, bit dear that, am i missing something?

By Andrew Orme

I have pasted below info on expected construction costs for offices just to substantiate a range of £150 to £185 psf. Presume the fit out is taking it over the average. http://www.building.co.uk/Journals/Builder_Group/Building/2008_Issue_8/attachments/buildingcosts.pdf AND http://www.costmodelling.com/building-costs.

By Andrew Orme

@ Andrew. Are you looking at the costs in terms of the net lettable space rather than gross floor area including common areas etc?

By QS watch

@QS Watch; yes expect 113500 sq ft will be NIA, thanks, so worst case add 20%? = 136200 sq ft GIA / £70M = £514 psf…

By Andrew Orme

£616 / sqft seems way out. I think like QS Watch / Andrew suggests, 113,500 could be the NIA. And the £70 million may be the total cost of the entire development not just the construction cost. So could include land costs, design fees, inflation, S106 etc – Even then it still seems high to me

By QS

Developers love to exaggerate costs / values and liberally mix up the two though – maybe this refers to the “value” of the building (ie what they hope they’ll sell it to a fund for).

By PQS

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