Future of Manchester development uncertain - commercial mortgages

13 February 2007

A scheme to transform Stevenson Square in Manchester into a pedestrianised area of cafes and other commercial properties now depends on negotiations between developers and landlords.

London-based property developers Argent are hoping to purchase two sites in the area to further expand their plans for a 75,000 sq ft office block by an additional 60,000 sq ft, the Manchester Evening News reports.

In a move which may interest those considering commercial mortgages, the development would enable the firm to access funds provided by the city council to develop the commercial area in Stevenson Square.

David Partridge, joint chief executive of the firm, told the newspaper: "The city council has been looking for ways to kick-start redevelopment there, but land is in many different hands and none of the owners wants to be the first to sell."

Plans for a larger project could make a "real difference" to the area, he added.

Argent was also responsible for the development of the One Piccadilly Gardens project, which created 150,000 sq ft of office space, in addition to retail, bar and restaurant properties.