COMMENT From US president Joe Biden to UK prime minister Boris Johnson, world leaders are rallying behind the cry of build back better, recognising this economic recovery must be different to those before.
Unsurprisingly, Manchester, which has demonstrated a special resilience during this crisis, is leading the way in turning words into action. The Plan for Homes, Jobs and the Environment, together with the Spatial Framework and Clean Air Zone, will help ensure Manchester emerges from Covid-19 both stronger and greener.
At the international business of Federated Hermes, we are determined that NOMA, the 20-acre mixed-use neighbourhood we are delivering with MEPC in the city centre, plays its part in supporting Manchester’s recovery.
That is why, last year, we decided to press ahead with the construction of 4 Angel Square, which will provide 200,000 sq ft of grade-A office space once completed – enough to house 2,000 workers.
Desirable destinations
Speculatively developing a large city centre office scheme in the middle of a pandemic that many are claiming will see a boom in remote working may seem like a bold move. Yet we remain confident in the long-term outlook for the Manchester office market, as well as the quality of the development we are delivering.
We recognise that if offices are to thrive in the post-pandemic era, they will have to become somewhere people want to be rather than have to be. That is why we invested heavily in the design of 4 Angel Square, and in making the wider NOMA neighbourhood a destination in its own right, with places to live, work and relax.
We also recognise that our workspaces have to be greener too.
Environmental concerns were growing before the pandemic. Covid-19, however, has undoubtedly pushed sustainability to the top of the agenda. The fall in air pollution levels seen globally – a direct result of lockdowns – has highlighted the everyday impact of human social and economic activity on the planet. Accordingly, the green credentials of buildings are increasingly important to both investors and occupiers.
Sustainability has always been a focus at NOMA. One Angel Square, which sits opposite 4 Angel Square, was the most sustainable office building in the world when it opened in 2013, achieving a record-breaking new-build BREEAM score of 95.16%.
New and old
Building on this legacy, 4 Angel Square, which has been recognised as a Design for Performance Pioneer project, will be operationally net zero carbon in line with the UK Green Building Council’s framework, targeting EPC A and BREEAM Outstanding ratings.
Across the ring road, we have invested millions in bringing some of Manchester’s most iconic historic buildings back to life.
New Century Hall, a former concert venue that hosted legendary acts such as the Bee Gees, Jimi Hendrix and Tina Turner, is currently being revamped to create a new mixed leisure and educational offering.
The most sustainable buildings, after all, are those already built.
Stephen Bradley is director, investment management, at Federated Hermes
