The formula for the next stage of Manchester’s economic growth is becoming clearer. Some of the answers have come in the independent economic review which is being chaired by Sir Tom McKillop, Chairman of Royal Bank of Scotland, a bank which has been at the heart of the recent transformation with its big building in Spinningfields.
Sir Tom makes the point, which may surprise many in Olympic year, that Manchester’s gross domestic product is 25% greater than that of Beijing. His review has identified the importance of building up the universities and colleges, the innovation structure, the pathways to finance and the ability to make Manchester competitive in global markets.
Another aspect of the forward thinking is that the city is being scoured for sites to house the £250 million northern Royal Opera House. One candidate is the 4.5 acre site of the BBC which will be moving to Salford Quays in 2011. Such a site would be part of a broader cultural area in the City Centre, a clear effort to counter the pull of the new BBC operation in Salford.
In itself, the BBC operation, with some activities relocating from London, will have a major impact on Manchester. So we have the concept of Manchester increasing its attractions as a city for the arts while expanding its attraction as a business centre, although this will not be as dynamic at the moment because of the economic stagnation.
Yet the City Centre market is active, said Chris Mulcahy of King Sturge as shown by the new scheme for the 4,647 sq.metres Vantage Point at Hardman Street, Spinningfields where there is a pre let of about a third of the space to Allied Irish Bank. “Hardman Estates has gone ahead with the scheme despite the general picture in the UK and has proved the point with a letting to the bank,” said Mulcahy, ”and elsewhere developers are cracking on.”
This is a view endorsed by Mark Canning of Canning O’Neill who said: “We have a decent level of enquiries and some significant inward investments.” Spinningfields continues to be a magnet and Jones Lang LaSalle has signed up the accountancy firm Baker Tilly for 1,580 sq.metres (17,000 sq.ft.) at 3 Hardman Street, joining another accountancy practice, BDO Stoy Hayward, which has taken 3,252 sq.metres (35,000) in the property.
Jones Lang’s Trevor Sloan said: ”Along with several larger City Centre transactions in the pipeline, this deal (Baker Tilly) also confirms our recent analysis that the current activity is being driven by the banking and finance sectors.”
Source: Commercial Property Register
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