Key £30 million Exchange Quay deal fuels confidence in Greater Manchester

The £30 million sale of the Exchange Quay office complex in Salford Quays to a North American investor last year has fuelled confidence in the Greater Manchester property market, MIDAS say.

Manchester’s inward investment agency said the deal “plays a sizeable role in fuelling business confidence in and around the region.”

Tim Newns, chief executive of MIDAS, Manchester’s inward investment agency thinks that HPFM’s overseas investor won’t be the only one seeing the potential of Salford Quays.

He said: “Since the development of MediaCityUK and subsequent occupation by the BBC, ITV, Salford University and over 80 SMEs and start-ups, Salford Quays has experienced something of a renaissance.

“Exchange Quay in particular continues to be a landmark development in the area and the acquisition of this site and plans to spend £10 million on a comprehensive refurbishment, is very welcome news.

“It represents a large amount of flexible space that provides Manchester with an excellent opportunity for new occupiers, particularly in sectors such as business services. Of course, deals like this also play a sizable role in fuelling business confidence in and around the region, and in many ways this is invaluable for us as the inward investment agency for the city region.”

Dominic Evans, partner in the Manchester office of commercial property consultants Matthews & Goodman, said: “The Exchange Quay acquisition highlights a growing trend of investors recognising the opportunity presented by the North West and specifically the Manchester economy.

“The wave of capital from both indigenous and foreign sources has fuelled significant capital growth in London and this is starting to spread to the regions as investors seek higher yielding opportunities within the context of managed risk.

“The strong fundamental attributes of the Manchester property market compared to many other locations throughout the UK ensure Manchester is very well placed to receive renewed interest from investors looking for opportunity away from the heat of London and the South East. Manchester is increasingly recognised on an international scale and as such is an easier landing ground for foreign wealth compared to less well known towns and cities.”