Ask Developments secures £12m forward funding deal

  Ask Developments has secured a £12m forward funding deal with Bury council, which will finance the second phase of its £80m Knowsley Place project in the Greater Manchester town.   The council has acquired two buildings at the scheme, which until recently was branded Townside Fields. The council also acts as Ask’s joint venture partner in the AskBury partnership which was established to deliver the project.   The investment comprises a 25,000 sq ft office building, which was pre-let to housing management organisation Six Town Housing last August, as well as a 55,000 sq ft, 115-bed hotel, which is pre-let to Whitbread and will be operated as a Premier Inn.   Work is due to begin on the second phase in January 2010, with completion expected in April 2011.   AskBury pre-sold the first phase of Knowsley Place to Standard Life for £30m in February 2008. The first phase includes a 40,000 sq ft office building for Bury council and a 50,000 sq ft health centre for Bury Primary Care Trust which will complete next January.   The joint venture partners received planning consent for the second phase of the scheme in May 2008, and had expected to start on-site in Q1 this year, with completion due in early 2010.   The scheme is now considering plans for a third phase which will include offices and residential space.   David Burkinshaw, director at Ask, said: “The fact that all four buildings in Phases one and two are pre-let is demonstrative of the scheme’s quality and location, and when complete Knowsley Place will provide Bury with a vibrant new commercial centre.   “We’re now looking forward to progressing with the final phase of office and residential accommodation at the development.”   daniel.cunningham@estatesgazette.com