0845 269 4965 / Direct: 020 3236 1003
Refurbishment development finance ploughed into Manchester
Manchester Airports Group’s property arm has invested £250,000 in speculative refurbishment development finance into a project in south Manchester.
MAG Developments has called upon property agents Jones Lang LaSalle and p3, the property consultants, to work together to market a major, speculatively converted and refurbished business space.
The 16,000 square foot space, which is located at Manchester Airport’s World Freight Terminal, is comprised of industrial warehouse space and office space, and represents the first speculative refurbishment in the area since the credit crunch first began.
Director at Jones Lang LaSalle, Daniel Burn, told the Manchester Evening News, “We expect a high level of interest in these hybrid units – a 50-50 split is quite rare and there are very few similar, modern spaces, with this ratio of office to industrial space currently available in the wider region.”
A detailed programme of work which would see the former freight sheds refurbished into business units has been created, according to Jenny Smith, property manager at MAG Developments.
Ms Smith told the news provider, “We have speculatively created these hybrid units as our research indicates that many SMEs and start-up businesses in the region require modern accommodation; which efficiently enables both the office and warehousing functions to be effectively facilitated in the same premises, as this is key to keeping costs down and maximising the use of space.”
