Not All Speculative Manchester Office Blocks Are The Same, Barings Warn
It is time to worry about the quality of some Manchester new-build office schemes, according to one of the city's leading investment managers.
There should be "concerns" about the build quality of some new office schemes, Barings Real Estate Asset Management Managing Director Ian Mayhew has told Bisnow.
“I agree that Manchester should have concerns about the build quality and base build designs of some of the office developments," he said. "There are likely to be examples where compromises have been made in terms of density of occupation permitted by the base build specification meaning the offices may have a short(er) life span possibly requiring future retro-fitting of additional WCs, lifts, and enhancements to the heating and air-conditioning systems."
"In addition, there have been some high profile insolvencies in the construction industry causing delays and increased costs to some schemes. Suspicions around build quality and developer motives persist therefore."
This week Barings celebrated the topping out of the 180K SF Landmark office development at St Peter's Square.
Designed by London based architects Squire & Partners, the development has already secured a WiredScore Platinum rating, the highest rating, and has been rated BREEAM excellent.
Construction work is due for completion in summer 2019.
