10 million sq ft of office space in Manchester - commercial mortgages

16 January 2007

Manchester city council leaders have approved plans that will see the development of ten million sq ft of new office space built in the city.

The new building developments, which will include properties around St Peter''s Square, Oxford Road and both Piccadilly and Victoria stations, is expected to create space to accommodate 125,000 workers, the Manchester Evening News reports.

Commenting on the regeneration programme, which could benefit investors with commercial mortgages, Sir Howard Bernstein, chief executive of the city council, said that the "quality" of new buildings sets Manchester apart from other locations.

"The regeneration and renaissance of the city centre has brought wide-ranging benefits to the Manchester city region," he remarked.

Commercial office space continued to perform well during December, according to the latest figures produced by the Investment Property Databank.

Offices yielded a total return of 2.2 per cent last month, compared to a 1.2 per cent return provided by retail and 1.1 per cent by industrial properties.