4 November, 2008 – Manchester's prime site, Elisabeth House to be redeveloped
The Greater Manchester Property Venture Fund (GMPVF) and Argent have entered into a joint venture agreement to take forward the redevelopment of Manchester's Elisabeth House in St Peter's Square.
Councillor Roy Oldham, Chair of Greater Manchester Pension Fund says: “We are extremely pleased to be working with Argent to deliver a contemporary, 21st century building, which will be of major strategic benefit to St Peter’s Square and the city region as a whole. The redevelopment will act as a catalyst for further regeneration of this important civic square.”
Gary Taylor, joint managing director of Argent (UK Developments) Ltd says: “We are delighted to be selected by the GMPVF as 50/50 joint venture partner and development manager for Elisabeth House. This is the best redevelopment site in the city centre and deserves a piece of architecture, which the City can be justifiably proud of.
“The new Elisabeth House will ultimately become a large scale, high quality, Grade A commercial building with a BREEAM Excellent rating. The scheme will incorporate a vibrant mix of uses at ground floor level as well as a stunning reception area and could accommodate office floorplates of over 20,000 sq ft. With excellent transport links at its doorstep and set amongst the City’s most stunning civic architecture, the building promises to be a magnet for high quality potential occupiers.”
Nick Whipp, executive director at GVA Grimley and fund manager to the GMPVF says: “The redevelopment of Elisabeth House will have an extremely positive effect on the city. These are unsettling times for many due to the current economic climate, but both the GMPVF and Argent, in contrast, have secure financial backing and can take forward development projects without bank finance.”
A national competition to select a preferred architect for the scheme was launched in May 2008, attracting almost 50 architectural practices from across the UK. Winning practice Glenn Howells Architects has now been selected to work with the GMPVF and Argent with a view to submitting a planning application in 2009.
Nicky Hughes or Louise Schofield at Roland Dransfield PR 0161 236 1122 or firstname.lastname@example.org
Notes to Editor:
The Greater Manchester Property Venture Fund (GMPVF) is administered by Tameside Borough Council. It forms part of the Greater Manchester Pension Fund (GMPF), the largest local authority pension fund in the country. GMPF owns assets worth approximately £9 billion and has a financial allocation to the GMPVF of £100 million. Its twin aims are to generate commercial schemes and assist economic regeneration in the North West.
Argent has been one of the property industry’s biggest success stories over the last twenty years and has become widely acknowledged as a leading practitioner in city centre regeneration. In 1997, BT Pension Scheme became Argent’s sole shareholder in a £240 million transaction. Argent’s senior management team has a combined experience of over 150 years in property and is dedicated to delivering the highest quality buildings and public realm.
GVA Grimley Ltd is one of the UK’s leading firms of property consultants operating from 12 offices with 838 fee earners generating a turnover of £138 million. The firm has a combined staff of 1296 providing a full range of property-related services including agency, planning and regeneration, rating, building consultancy, investment, management and valuation consultancy. GVA Grimley also offers specialist advice in areas such as telecomms, education, healthcare, retail, contamination, plant and machinery and the automotive and roadside sectors. GVA Grimley is a founding member of GVA Worldwide with a global reach throughout Europe, North America and Australasia, with real estate representatives in 90 offices serving 20.countries. For further information about GVA Grimley please visit www.gvagrimley.co.uk <http://www.gvagrimley.co.uk/>