RLAM starts work on £20m Pollard St scheme
By Bridging Loan Directory -
A £20m mixed-use scheme at Pollard St near Manchester city centre has begun on site according to BusinessDesk.com.
The development, which includes an Ibis Hotel, also contains 30,000 sq ft of speculative office space being developed during the first phase – one of the few speculative office schemes currently underway in the city.
The second phase of the development by Royal London Asset Management includes a 20,000 sq ft foodstore and 74 new homes.
The design team on the project includes Manchester-based architects 5plus and consulting engineers Shepherd Gilmour.
Stephen Elliott, manager of the Royal London Property Fund, said: “The catalyst for starting the development was pre-letting the hotel to Accor, who will trade their IBIS brand from this property.
“We are confident that the office product we intend to build will provide a unique product at a competitive price point and we are delighted to be involved in a regeneration project in this north east quadrant of Manchester.”
Phil Doyle, director of 5plus, highlighted the role that pension funds were playing in the city’s renaissance, with four major pension funds recently bringing forward plans for significant office schemes – Pollard St (RLAM), Brazennose House (Prupim), One St Peter’s Square (GM Property Ventures Fund/Argent) and Peterloo House (AXA Real Estate).