'Eagerly awaited' Manchester development secures £45m funding

One of Manchester’s "most eagerly awaited” commercial office developments – 125 Deansgate – has secured £45m worth of funding.

The three-year clubbed facility was provided by pensions-based North West Evergreen Fund and the Growing Places Fund, and was advised by CBRE’s investment advisory team.

Developer Worthington Properties will begin construction of the 113,500 sq ft Grade A office space early this year, with completion expected in summer 2019.

Russ Worthington, director of Worthington Properties, said: “Manchester continues to prove itself as a world-class destination to do business and 125 Deansgate, when complete in 2019, will provide businesses with a great place to operate within.

“Securing the funding is testament to the quality of the proposals at 125 Deansgate along with the high-profile location of the scheme.

“These investors are incredibly astute and have to be confident the development would provide a return for them.”

The North West Evergreen Fund comprises 16 local authority partners and was established to support real estate projects that could boost the region’s economy. 

Financial returns generated by the fund are recycled to support further projects.

Councillor Kieran Quinn, lead member for investment and finance on the Greater Manchester Combined Authority, added: “Deansgate is one of the busiest and most well connected corridors in the city centre, if not in the entire region.

“Enabling redevelopment of this site represents an excellent opportunity for the North West Evergreen Fund.

“The investment will provide both the returns that the fund needs to continue supporting regeneration projects and the social value for Greater Manchester in the form of jobs and a new first-class office facility.”

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