Trafford lends Network Space £23.25m for Alty scheme
The loan will be used to redevelop the former Cartwright headquarters on Atlantic Street into a 205,000 sq ft employment scheme.
The £23.25m loan will fund the construction of Network Space Developments’ Broadheath Networkcentre, which will comprise 25 units ranging from 2,100 sq ft to 39,500 sq ft.
“The loan fits well with Trafford’s investment strategy and wider council goals, encouraging the creation of high-quality employment space in-borough,” said Cllr Liz Patel, Trafford Council’s executive member for economy and regeneration.
“The proposed quality of this scheme and the demand for this type of space from a range of businesses that want to move into or stay in Altrincham gives confidence that it will perform exceptionally well.”
Working with Aew Architects and planner Spawforths, Network Space won approval for the 11-acre Cartwrights redevelopment in June.
The developer is targeting BREEAM Very Good and EPC A ratings. Existing steel and concrete structures on site will be reused and recycled, resulting in a “significant reduction in embodied carbon within the development”, according to Network Space.
“We recognised the importance of this site to the local area when we acquired it just over a year ago,” said Dan Adamson, group finance director for Network Space.
“This will be a best-in-class scheme [that] will maximise the positive impact of the project, delivering high-quality employment space, jobs opportunities, inward investment and economic growth.”
A prospective occupier for the scheme’s largest unit is already in legals, according to Network Space.
Network Space commenced the demolition in early May and is aiming for practical completion in spring 2023. The loan will be repaid in phases post-completion.
Savills and B8 Real Estate have been appointed as letting agents for Broadheath Networkcentre.
Walker Sime is leading on project management and quantity surveying.