Muse Developments has signed a development agreement with Stockport council for a £145m office-led scheme next to the town’s train station.
Muse was selected as the councils partner for the 370,000 sq ft Grand Central project late last year. Alongside offices, a hotel and car-parking facilities will be built.
The 12-acre site, acquired from administrators to Targetfollow Property Holdings and Targetfollow Investment & Development for £15m last January, will be delivered in three phases.
Phase one consists of a 1,000 space multi-story car park and a range of highway improvements, due to be completed at the beginning of 2014; phase two has been masterplanned for the first commercial office building, new public space, a hotel and highway improvements by 2015; and phase three will include further office buildings, extension of the open space and further improved accessibility for pedestrians on a phased basis up to 2020.
Councillor Iain Roberts, executive member for economic development and regeneration at Stockport council, said: “The signing of the development agreement confirms both parties’ commitment to delivering a cutting-edge new office quarter and commuter destination for Stockport. It is a crucial part of our overall vision for the town centre – attracting jobs, investment and footfall. We’ve worked hard to make sure that it’s self-financing and at no extra cost to the council-tax payer.”
Matt Crompton, joint managing director at Muse, added: “Today marks an important milestone in the transformation of this key gateway to Stockport town centre. We can now look forward to working with our partners at the council to build on Stockport’s commercial appeal to deliver this stunning new office quarter.”
samantha.mcclary@estatesgazette.com
