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IN BRIEF

Ryden

is the latest

agent to be drawn to

Manchester by the

buoyant market. The

office will be led by

Andrew Richardson

who is joining from

Capita. Bill Duguid of

Ryden said: “London

and Manchester are

arguably the UK’s

most active property

markets and represent

huge opportunities for

Ryden and our clients.”

Icon Industrial, a joint venture

between TPG Real Estate and

Stoford Developments, has

bought a 45 acre site at

Global Logistics which will

add a further 92,900 sq

metres (1 million sq ft)

within Airport City

That will bring another 5,000

jobs to the 2,000 already at

Airport City, which currently has

76,271 sq metres (821,000 sq

ft) of space. The fact that 75 out

of the 130 acres for Airport City

has been committed for devel-

opment points to a successful

outcome for the joint venture that owns it.

Lynda Shillaw of MAG Property, one of the joint venture

partners, said: “The sale of the 45 acres is a significant

milestone and builds upon the £30 million investment made

by the joint venture to date. The transaction comes at a time

when momentum is building around the first new offices and

hotels planned to start on site.”

James Dickinson of Canning O’Neill said: “Both the airport

and adjacent business parks have had a tremendous two or

three years with rising rents and new investment. Many of

the buildings have been bought by local property companies

who understand the market. In many ways, the airport is

now the South Manchester market itself.”

Typical is the performance of Manchester Green, where

Canning O’Neill is the agent, with a letting of 1,394 sq metres

(15,000 sq ft) to Assetz Capital due to complete soon and

where there is only one building left to let.

One of the biggest South Manchester success stories in

recent years is Property Alliance’s Trident office development

on Styal Road, Manchester Airport. Alliance acquired the

8,361 sq metres (90,000 sq. ft.) dilapidated scheme in

February 2015 and immediately commenced a

comprehensive Grade A office refurbishment incorporating staff

amenities such as a dedicated gym, on site café, lounge area

and free shuttle bus to and from the local train, tram and bus

stops. Within 12 months of completion of the works Alliance

had let all but 279 sq m (3,000 sq. ft.) of the scheme to

tenants such as Avecto, MPM Products and Renold

Engineering and have now acquired the 1,672 sq m (18,000

sq. ft.) adjacent building named The Landing to carry out a

similar refurbishment.

We understand a sale of the development is now close

to being agreed but Property Alliance were unavailable for

comment

12

Commercial Property Register

September - December 2017

www.compropregister.com

LOCATE YOUR BUSINESS

AT MANCHESTER’S BEST

CONNECTED OFFICE SPACE

All enquiries

To find out how we can help your

business call

0800 8499 747

or

visit

www.magproperty.co.uk

NEWS

James Dickinson

THE GREAT BRITISH

takeoff