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AXA Real Estate gets green light for £50m office development in Manchester
1960’s office building to be replaced by 108,000 sq ft Grade A office scheme
Article posted: 22 Jul 2011
AXA Real Estate Investment Managers, a leading real estate fund and asset manager with €39.4bn of assets under management as at March 2011, has received planning consent for a £50m development of new office space in Manchester’s St Peter’s Square. AXA Real Estate manages the property on behalf of Manchester based insurance firm, the Co-operative Insurance Society Ltd (CIS), which owns the building.
AXA Real Estate intends to replace Peterloo House, the seven floor, 40,000 sq ft 1960's office building currently on the site, with a new 108,000 sq ft, 12 story, Grade A office scheme in its place. Situated on Dickinson Street in Manchester’s central business district and fronting onto St Peter’s Square, the new building, which has been designed by architects Squire and Partners, will provide accommodation for around 800 employees.
Construction is expected to commence once around 50% of the building has been pre-let. WHR Property Consultants and CBRE have been appointed as agents to secure prospective tenants. The new building has been designed to highly sustainable standards and will target a BREEAM “Excellent? rating. It will also feature an impressive Palazzo style façade, incorporating copper trimmings to keeping it in line with the surrounding architecture.
Commenting on the development, Dorrien Thomas, UK Head of Asset Management at AXA Real Estate, said: “Receipt of planning consent at St Peter’s Square means that we can now push ahead in earnest with marketing this new well-located Grade A office space in the middle of Manchester’s central business district. We have worked closely with Manchester City Council over recent months to ensure that the project fulfilled all the requirements we felt were necessary to attract businesses into the scheme but also provided the perfect complement to the Council’s wider regeneration plans for the area.”
Other developments designed by Squire & Partners include HSBC Bank’s headquarter offices in St James's, London, SW1, Reiss’s headquarter offices in the West End and Unison’s headquarter offices on Euston Road.
Posted by Sara
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