FinTech hub The Vault coming to Spinningfields XYZ scheme

Property development and investment firm Allied London has unveiled plans to create a new 20,000 sq ft co-working hub at its XYZ workspace scheme in Manchester.

The new 20,000 sq ft offer, known as The Vault, will provide enterprise space for financial technology (FinTech) firms seeking a collaborative base in the heart of the city’s Spinningfields business quarter.

Opening at the end of 2016, the Vault will form the centrepiece of Allied London’s FinTech incubator vision for the XYZ development, which the firm is positioning as a primary melting pot for Northern innovation, tech, media and entrepreneurship.

The Vault will also place an emphasis on security by maintaining a “careful selection criteria”, according to Allied London, which said a number of “leading financial and professional institutions” have already chosen to sponsor the project.

Spanning more than 160,000 sq ft, XYZ features a mix of public amenity spaces, including independent coffee shops, a restaurant and space for meetings and events.

Allied London’s Spinningfields estate director, Chris Reay, said: “Spinningfields has disrupted Manchester’s traditional commercial core and has become a place where leading corporate institutions are clustered, from the main banks to newer organisations such as Worldpay.

“Where XYZ differs is that we’re delivering a culture, a brand more than a building, a structure with its own personality. We believe this is the ideal platform for fintech.”

He added: “We’re opening doors for tech entrepreneurs to collaborate and tap into support from the existing corporate environment and learn first-hand, from leaders in their field.”

The development is now fully let to a number of national and international firms, including media and entertainment group Global and law firm Shoosmiths.