Planning consent for the Squire & Partners-designed building is in place, providing 13 storeys of highly specified column-free office space. While there is no current intention to start development speculatively, this will be reviewed depending on market conditions.
The development represents Hines’ debut in Manchester and is part of the firm’s strategy of expanding its UK presence into key regional markets.
The firm currently has under construction two of the most significant developments in Birmingham at Five Brindleyplace and Two Snowhill, in partnership with Moorfield and Ballymore respectively.
Anthony Leonard, director at Hines, said, “We have been looking at opportunities in Manchester for some time and are delighted to have finally secured such a prime city centre site.
Availability of quality office space will become scarce and, with few new buildings under construction, we believe there is a tremendous opportunity in Manchester to deliver new Class A space.
In bringing new stock to the market in 2015 and beyond, we hope to be in a prime position to capitalise on an improving economy.”
Andrew Joseph, director at Manchester & Metropolitan Properties, said, “We are delighted to be partnering with Hines on the development of the Landmark building. The fact that Hines has exclusively committed to Landmark over any other development in Manchester city centre reflects the quality and integrity of the building’s design and location.”
In the UK, Hines has advised on over two million square feet of projects acquired, completed or in the pipeline, with a total value in excess of £1billion.
The company’s growing London portfolio of assets under management includes city offices Cannon Place, Broadgate West, and One Bartholomew Lane; Dockland’s One Westferry Circus, and Midtown’s 280 High Holborn and Stonecutter Court.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,273 properties representing more than 514 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments.
With offices in 113 cities in 18 countries, and controlled assets valued at approximately $24.3 billion, Hines is one of the largest real estate organizations in the world.