A joint venture between Ballast Wiltshire and Creswell Estates has won preferred developer status for the redevelopment of the Quays Campus site, in Salford Quays, Manchester.
Landowners Salford council and Salford College chose the JV over two other short-listed parties, one of which is believed to be HBG Properties.
The owners are selling their interest in the site and are rumoured to be looking for £6m to £7m for the freehold. The JV will purchase the site after negotiations have concluded.
The 4ha (10 acre) cleared site, which fronts Trafford Road, is the largest immediately available at Salford Quays.
Proposals include a mixed-use scheme, with an end value of £20m. The scheme will total 9,290 sq m (100,000 sq ft) and comprise 5,574 sq m (60,000 sq ft) of speculatively built offices and 3,716 sq m (40,000 sq ft) of retail and leisure, plus a 120-bedroom hotel.
Jim Clarkson, of CB Hillier Parker, joint agent for the scheme with Matthews & Goodman, said: “The market here has been slated in previous years, but the balance between supply and demand has got to the stage where a developer is prepared to come here and spec something.”
He confirmed negotiations were taking place with retail and leisure operators and said: “We’re talking to operators, but we want to hear from others who’re interested.”
A planning application will be submitted in the next few weeks. If successful, work will start on site early next year, with completion due in 2002.
EGi News 29/06/00
