Business district sees new tenant arrive - commercial mortgages

12 August 2008

In news that may interest those with commercial mortgages, it has been announced that Manchester's new Spinningfields business district has secured a new tenant.

Allied Irish Bank is to take up a 16,000 pre let at the Vantage Point development in the district, Property Week reports.

The bank is to take floors seven to nine on a 15 year basis in the building when it is completed in September 2009.

Developed by Hardman estates, the ten-storey building will have a total of 50,000 sq ft of space when it is finished.

Spinningfields is one of a number of new office developments that are being built or are on the drawing board in central Manchester.

The prospects of the sort of economic growth in the local area required to ensure these are all filled may depend on the transport developments linked to the proposed congestion charge taking place.

A recent report by Manchester Enterprises said that the expansion of the Metrolink tram service would create an extra 3,200 jobs and boost the city's economy by nearly £160 million by 2026.