Property experts granted £3.3m loan from North West Evergreen Fund
Regional property experts Bruntwood has secured a £3.3m loan from the North West Evergreen Fund, which will be used to develop Phase One of Didsbury Technology Park.
The loan will unlock the opportunity for Bruntwood to move forward with plans to deliver c20,000 sq ft of Grade A office space at the site. It will also contribute to an element of the infrastructure costs required to enable Phases Two and Three of the development.
Bruntwood, Siemens, PJ Livesey and Manchester City Council, have formed a strategic partnership to deliver Didsbury Technology Park, which occupies nine acres of the Siemens Campus at West Didsbury.
Andrew Butterworth, Bruntwood Sales Director, said: “Didsbury Technology Park is set to be a key knowledge asset for Manchester – building on the region’s outstanding strengths in science and technology facilities. The development will be one of the best-connected sites in the city, providing excellent links to both the Oxford Road Corridor innovation district and the airport.
“This funding support offers a tangible indication of the level of public sector confidence in the project and the role it will play in boosting the wider region’s capability in this sector. The loan will allow us to press ahead with the delivery of the first phase of development and we expect the entire site to be developed and occupied by 2020.
“A collaborative and cohesive vision has enabled close working with our project partners throughout the development plans for the site. We look forward to seeing this culture of collaboration and open innovation continue to thrive at Didsbury Technology Park as it becomes home to clusters of high-growth, science and technology businesses which will have a real impact at both a local level and on the wider regional economy.”
Alongside the 20,000 sq ft of Grade A research and innovation office space, the first phase of works includes the construction of 92 new homes by Manchester housebuilder, PJ Livesey. The first phase is due to complete by the first quarter of 2019.
Eamonn Boylan, Chief Executive of the Greater Manchester Combined Authority and Board Director of North West Evergreen Fund and Evergreen 2, commented: “We are delighted with the continued relationship we have developed as a Fund with Bruntwood, delivering occupational space to support the Greater Manchester growth objectives. This loan builds on our previous experience with Bruntwood and their delivery of workspace that supports employment for the region.”
Once complete, the site will provide over 155,000 sq ft of new purpose-built commercial workspace, as well as a multi-storey car park and high-quality landscaping.
The loan is drawn from The North West Evergreen Fund and Evergreen 2, a new £45m fund supported by the 2014 – 2020 European Regional Development Fund. Both the North West Evergreen Fund and Evergreen 2 are managed by CBRE’s Investment Advisory team, part of CBRE Capital Advisors. They are focused on providing debt for commercial research and innovation space and regeneration projects in the North West of England, with a particular focus on low carbon initiatives.
William Church, Senior Director, CBRE Investment Advisory added: “Didsbury Technology Park is exactly the type of project that the Evergreen Funds were designed to enable and meets all of their principle investment objectives. Not only is the site of strategic importance in Manchester, the new development will provide office space for high skilled workers and will further support Manchester’s position as one of the UK’s leading research and innovation hubs.”
The Evergreen model provides funding for projects which will generate a financial return and will then be recycled back into the fund to help support further projects. Key objectives for the fund include creating a high employment region, investing in science, research and innovation, and supporting strong and diverse town centres.