City investment opportunities: The North

Major development opportunities to keep an eye on in the North Pall Mall, Liverpool [caption id="attachment_890392" align="aligncenter" width="847"] Pall Mall, Liverpool[/caption] Location The site is bounded by Pall Mall, Bixteth Street and Exchange Building and is seen as the natural expansion of the city’s commercial business district. Size 2.9 acres Value £122m Development potential for 350,000 sq ft of offices and up to 250-bed hotel. Planning status Pre-application consultation taking place with Liverpool City Council, planning application due to be submitted in January 2018. Investment type/opportunity Opportunity to lease office and hotel space in the development and opportunity to provide funding for the development in partnership with the development team. Project timeframe January 2018 Planning application submitted October 2018 Start on site with phase one: a 100,000 sq ft speculative office building, a 200-250-bedroom hotel and first phase of public realm. April 2020 Complete phase one development. Subsequent phases will follow to meet demand and market requirements, with a target overall completion of mid-2023. The 2.9-acre site forms part of Exchange Station, which was redeveloped in the 1990s and offers more than 200,000 sq ft of offices. The city’s central retail and leisure district is nearby, as is Moorfields station  with lines to regional and national rail at Lime Street. The new £200m scheme will inject new office supply into a limited market. It stands to enlarge Liverpool’s central business district and is intended to act as a catalyst for the redevelopment of the wider 6.9-acre Pall Mall with plans to add new homes, further offices, retail and leisure and community facilities. York Central [caption id="attachment_890391" align="aligncenter" width="847"] York Central[/caption] Location Adjacent to York rail station and city centre Size 178 acres Value £750m Development potential A new western entrance to the existing York station, new public square and extended National Railway Museum, between 1,000 and 2,500 homes, up to 650,000 sq ft to 1.2m sq ft of office, leisure and retail uses. Planning status Masterplan being developed by Allies and Morrison and Arup will go to consultation in late autumn with a view to a planning application in March 2018. Investment type/opportunity The project is a large-scale and long-term proposition with a range of development and infrastructure asset types over the lifetime of the 30-year project and beyond. Co-investment and joint venture/partnering will also be considered. Project timeframe The development partnership includes Homes & Communities Agency, Network Rail, National Railway Museum and City of York Council and is targeting construction to start on site in 2019. The site has been designated as a housing zone as well as an enterprise zone. This scheme involved York’s largest brownfield site and includes plans to remodel the station and improve access to the site, and the potential to create a business district. New homes will inject much-needed supply into the city. Plans also include an extension and improvements to the Railway Museum and a new public square. The museum is expected to attract 1m visitors a year. Advanced Manufacturing Innovation District, Sheffield Location Sheffield, adjacent to M1 motorway Size 2,000-acre centre of excellence for advanced manufacturing in metals and materials alongside more than 4,000 new homes Value £1bn+ Development potential 100 acres of commercial development at the Advanced Manufacturing Park or Sheffield Business Park, or longer term residential-led schemes. Planning status Implemented consents for industrial and residential. Existing consent for 4,000 homes. Masterplanning process completed for wider innovation campus. Investment type Innovators, investors and developers. Project timeframe Started on site 2004, delivering commercial space of 2m sq ft to date. Flexible programme of starts for further industrial development, R&D and new housing in surrounding areas. The Advanced Manufacturing Innovation District is a cluster of businesses and their supply chains that focus on innovation-led advanced manufacturing in metals and materials as well as businesses that benefit from close proximity to the University of Sheffield’s development facilities. The Advanced Manufacturing Research Centre is a hub of university-industry collaboration, and produces commercial technology and innovative solutions. The university’s research facilities are being expanded to form a 100-acre campus across the combined Advanced Manufacturing Park and Sheffield Business Park. When development is complete, AMID is expected to be Europe’s largest advanced manufacturing cluster. Around 2m sq ft of commercial space has already been built over the past 10 years by companies such as Rolls-Royce and Boeing. There is existing consent to build 4,000 new homes as well as longer-term private rented sector opportunities towards Sheffield and Rotherham city centres. Investment opportunities also include development finance and R&D partnerships in transport infrastructure and university-led collaboration in research and business development. Other projects Liverpool Waters Part of the wider Atlantic Gateway project and part of the Mersey Waters Enterprise Zone, this £5bn project involves regenerating 6ha of the city’s northern docks. The mixed-use waterfront area, set over five neighbourhoods, has already had £1bn committed for phase one. The project offers land sales to develop a variety of schemes with more than 100 plots available in phase two. [caption id="attachment_890390" align="aligncenter" width="847"] Liverpool Waters[/caption] Future Carrington Located in south-west Manchester, Future Carrington is an opportunity to develop 7,000 homes and around 8m sq ft of employment space. The first phase of 700 new homes and 1m sq ft of business space across 1,650 acres at the former Carrington Shell processing plant has planning permission. There are opportunities for investment in large-scale residential and employment development as well as infrastructure to unlock the site. [caption id="attachment_890393" align="aligncenter" width="847"] Future Carrington[/caption] Stockport Exchange Muse Developments and Stockport Council’s Stockport Exchange in Stockport Town Centre is a mixed-use scheme set around a new public space. The phase comprises new public realm, a 43,000 sq ft office and a 115-bed Holiday Inn Express. Investors are being sought for phases three through seven, which will provide a further 370,000 sq ft of commercial space.  South Tees Around 4,500 acres of development land on the south bank of the River Tees, overseen by the South Tees Development Corporation. The STDC is working on its draft plans that are expected to focus on the site’s industrial heritage and expand on Teesside’s role in power generation and manufacturing. Teesport is the largest exporting port in England and is also the deepest on the UK’s east coast.