Hunter Real Estate Investment Managers has submitted a planning application to Salford City Council for the £10m refurbishment and modernisation of the 433,637 sq ft Exchange Quay office complex in Salford Quays.
Hunter purchased the development from a Channel Islands-based trust in November 2013 on behalf of an American institutional client. The value of the sale was not disclosed but it was understood that the price paid was between £20m and £30m, far short of the £80m valuation placed on Exchange Quay before the property crash. The £10m refurbishment was agreed as part of the deal.
Spanning six buildings, Exchange Quay provides 433,637 sq ft of office space. The application seeks permission to refurbish 400,000 sq ft over six buildings with new entrances, reception and common areas, lifts and facilities. The plans incorporate a host of occupier facilities including a 5,000 sq ft restaurant, a convenience store with Post Office facility, a management suite and a 5,000 sq ft gymnasium. Additionally, the public realm throughout Exchange Quay will be extensively redeveloped with landscaped amenity areas, shared surfaces, green walls and feature-led brand signage.
Work is set to start as soon as planning permission has been granted.
Iain Leheny, fund manager at Hunter, said: “Since the acquisition of Exchange Quay we have been working hard with our entire project team to master-plan the development and determine how to maximise its immense potential. In addition to producing some of the best quality office space in Greater Manchester, we want to create a superb, vibrant environment that all our occupiers can enjoy and be proud of.
“The application demonstrates our firm commitment to creating a development of excellence and we look forward to commencing work on site in due course.”
Keppie Design Manchester is the architect for Exchange Quay.