Hamill’s launch refurbishment of Salford Quays offices
Leading property investment firm Hamill Investments have appointed Manchester-based Stone Construction NW for the refurbishment of their Clippers Quay serviced offices, HQ: Hamill at the Quays, according to Place North West.
The property – spread across 14,200 sq ft of Quayside space – is to be converted into 35 serviced office suites over the next three months, with an opening date earmarked for late November 2012. The centre will be converted in to suites ranging from 107-538 sq ft, having been empty since a planning consultancy agency ended their tenancy in 2010.
The move comes as demand for serviced office capacity in the provincial centre reaches a premium, with the council set to announce permission for the further redevelopment of 10,000 sq ft of office space in Manchester as part of the £800m city centre redevelopment plan NOMA.
Chris Neill, managing director of Hamill, said: "With little flexible serviced accommodation available in and around MediaCityUK, our aim is to bring these modern suites to the market by November this year to cater for this surplus demand. We are ahead of schedule and are already negotiating with a number of interested parties and expect to announce the first tenants very soon.
"These high quality serviced offices are likely to appeal to digital, media, creative and new technology sectors… The scheme’s waterside location and its close proximity to MediaCityUK, its transport links and future potential were the main factors that made this such an attractive investment opportunity. When complete, the scheme will represent a gross development value of approximately £7m.
Owners GGM purchased the property from regeneration firm Ask Developments in 2007 for a reported £2.1m. It is understood that Hamill has a purchase option on the property for approximately £2m.
Mark Canning, partner at Salford Quays property specialist Canning O’Neill and GGM adviser, said: “There are only two other serviced office providers in Salford Quays, so the market is under-provided. There is real demand and Hamill will do well.
“There are few opportunities in Salford Quays for smaller occupiers requiring less than 1,000 sq ft, and particularly those requiring the flexibility that is provided in serviced offices.
The news is likely to be welcomed by Manchester City Council, who will view this as the first indicator of growth following their substantial NOMA investment. Will the value of office property in Manchester set to raise in the near future, serviced offices represent a versatile and cost-effective option for businesses to establish themselves in prestigious urban centres.