Ask Developments has secured a £20.5m funding deal with Bank of Scotland Corporate to fund part of it Central Spine development to the south of Manchester city centre.
The funding will be used to buy 5.5 acres of land, which surrounds the former BT building at Grand Island in the north of the Central Spine 20 acre site.
It will also be used to buy a second site where two multi-storey car parks will be built and to fund the construction of the first car park.
Gateway
Plans for the entire site include construction of a tower which, together with the recently completed Beetham Tower, will form a gateway entrance to the city.
In total, the site will accommodate around 3.2m sq ft of commercial space in 19 buildings including 12 office buildings, two car-parks, three residential buildings, and three hotels and the ‘signature tower’.
The site has been earmarked by Manchester City Council as one of the largest strategic development opportunities remaining in the city.
Paul Devenport, director for Bank of Scotland Corporate Real Estate, said: ‘With the growth of Manchester's commercial property market showing no signs of abating, we saw this as an excellent opportunity to partner with a hugely influential property player on one of the city's landmark development sites.’
