Government Gives U+I A Boost In The Battle For City Office Pre-Lets
The chances of the £1.4B Mayfield development in Manchester making progress in the next 12 months have suddenly improved.
Mayfield is one of a handful of schemes benefiting from UK Government funding as it struggles to revive the post-pandemic economy.
The U+I project was facing increasing neighbourhood competition for its office-led product, not least from Manchester City Council’s decision to abandon residential development, and to develop offices instead, on the 10.5-acre Central Retail Park in nearby Ancoats.
Now, thanks to £23M support to create the scheme’s central park area, U+I can be assured it has first-mover advantage.
The government investment in Mayfield, part of UK’s strategy to build back better from the coronavirus pandemic, will fund the creation of the 6.5-acre Mayfield Park and other infrastructure and public realm works necessary for the delivery of the wider 24-acre project. It is part of a wider £54M of Government investment in major building projects across Greater Manchester, following a bid from the Greater Manchester Combined Authority.
Mayfield’s backers were already itching to begin development. The first phase of commercial development there includes 320K SF of new office space in two buildings. A further 1.3M SF of commercial floorspace will follow along with 1,500 new homes. For now the scheme’s timetable places the emphasis on offices, with residential pushed further back.
The Mayfield Partnership is a joint venture between regeneration specialist U+I, Manchester City Council, Transport for Greater Manchester and developer LCR.
Contact David Thame at david.thame@bisnow.com.
