MIPIM 2012: Michael Ingall’s Allied London has revealed plans for a new £14m building at Manchester’s Spinningfields estate.
The developer plans to build a 160,000 sq ft, seven-storey office building, to be known as i+.
Allied says that the building is funded and is likely to start on site in 2013, with completion scheduled for 2014.
Unlike the existing large-scale steel-and-glass office space at Spinningfields, the new building will be a concrete block, aimed to cater for cost-conscious occupiers.
Ingall said that Allied would use internal funding to build the scheme to shell and core. Occupiers could then determine the level of fit-out that they want, and will be charged a rent accordingly. Ingall added that Allied is close to securing a bank facility that would allow it to fit out the individual floors.
Speaking at MIPIM in Cannes, Ingall told the audience that Manchester city centre will be governed by the growth of technology, media and telecoms companies, meaning that developers must rise to the challenge of providing the right space for them.
He added that the building is likely to be rented at around 70% of the city’s headline office rent, which is around £30 per sq ft.
daniel.cunningham@estatesgazette.com
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