Is The Balance Tipping From Offices To Residential In Salford Quays?

Has Salford Quays reached a new equilibrium, with the balance now tipped to residential development?

That is certainly what it looks like with the announcement that developer and investor Cole Waterhouse is to replace the 21K SF former Barclays office building at The Anchorage with a 29-storey, 290-unit residential scheme.

The move comes as the Quays office market begins to pick up speed, albeit from a modest base. First half data from the Manchester Office Agents Forum showed total office take-up for Salford Quays and Old Trafford just shy of 122K SF, 30% up on the same period last year.

However, Cole Waterhouse has chosen to go down a different route from neighbouring landlord Canmoor, which is refurbishing its part of the Anchorage portfolio.

The Canmoor building is currently undergoing a comprehensive refurbishment that will include a modern atrium area, accompanying amenities and Grade A office space up to 100K SF. Around 126K SF is available to let in Anchorages 1, 2, 3 and 4.

At the former Barclays office block, Cole Waterhouse proposes an L-shaped residential building, designed by architects Chapman Taylor. It reflects the higher-density developments of more recent Salford Quays schemes like MediaCity. Indigo Planning is advising.

Barclays relocated from the site in early 2018.

“We hope to receive a decision from Salford City Council before the end of the year and, if successful, we will look to start on-site in the new year,” Cole Waterhouse Chief Executive Damian Flood said.

Less than a mile from The Anchorage, Cole Waterhouse is currently on site at No.1 Old Trafford, a 214K SF residential scheme which is scheduled for completion in early 2021.

Allsop is advising Cole Waterhouse with JLL acting on behalf of the vendor.