Latest News

  • The Insider Dealmaker Awards

    9th October 2017

    For the second year running, 125 Deansgate are sponsoring the Insider NW Dealmaker Awards, which take place at Manchester Central on October 26th.  The awards are an opportunity to celebrate and reward the efforts of people in the corporate finance field who are at the very top of their game.

    Russell Worthington, Development Director for Worthington Properties will be presenting the Young Dealmaker of the Year Award. This award is open to all financiers and corporate finance advisers, under the age of 36, based in the North West,  who have displayed the most potential in their dealmaking activity throughout the year.

    Good luck to everyone shortlisted and we look forward to celebrating on the night!

  • 125 Deansgate ahead of schedule as team fly through excavation works

    14th September 2017

    Worthington Developments confirm they are ahead of schedule this month, after a successful 12-week programme of excavation works on the 125 Deansgate site.

    With the soft and hard demolition completed by Forshaw Demolition Ltd at the end of May, Excel Excavations have been on site throughout June and July, emptying tons of rubble daily.

    The final phase of the excavation was the removal of obstructions from beneath the Lincoln House basement, the only unexpected object was a tower crane base which was found underneath the basement carpark ramp measuring 62 m3 This took two whole days to process and remove from site.

    Structural Steelwork Ltd have been on-site since mid-July, preparing and reinforcing the foundations. Over 360 m3 of concrete has been pumped into the existing beam over 5 pours and 28 tons of reinforcement fixed.

    Russell Worthington said, “By using a specialist crawler crane from within the basement to speed up the installation and with the time we gained during demolition and excavation works, we are ahead of schedule on this phase.”

    The building is due to complete in March 2019, with office and retail space being available for fit-out from December 2018.

    Savills and Knight Frank are joint office agents, while Cheetham & Mortimer looks after retail lettings.

  • Out with the old….

    18th May 2017

    This month, demolition of Lincoln House and 123 Deansgate competed, making way for 125 Deansgate to be built. This exciting milestone was captured on our time lapse camera,  across the street in Spinningfields, and we just had to share the final cut with you.

     

     

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  • £45 million funding secured for 125 Deansgate

    4th January 2017

    We’re very excited to announce that funding facility of £45 million has been secured for 125 Deansgate.

    The clubbed facility has been provided by North West Evergreen Fund, a local authority pension fund and the Growing Places Fund, advised by CBRE’s Investment Advisory team, part of CBRE Capital Advisors.

    The three-year funding facility will enable Worthington Properties to begin construction in early 2017 with plans for the scheme to be finished in summer 2019. The scheme, which comprises 113,500 sq ft of Grade A office space,in the heart of Manchester, will support the continued economic growth of the Greater Manchester region and the ongoing development of the Government’s proposed Northern Powerhouse.

    Russ Worthington, director of Worthington Properties, said: “Manchester continues to prove itself as a world class destination to do business and 125 Deansgate, when complete in 2019, will provide businesses with a great place to operate within. Securing the funding is testament to the quality of the proposals at 125 Deansgate along with the high profile location of the scheme. These investors are incredibly astute and have to be confident the development would provide a return for them.  They would have not provided the facility if they didn’t see the value in the development and we’re proud to be working in partnership with them on this. This funding will mean we are able to progress with speculatively developing the building.”

    Councillor Kieran Quinn, Lead Member for Investment and Finance on the Greater Manchester Combined Authority said, “Deansgate is one of the busiest and most well connected corridors in the City Centre, if not in the entire region. Enabling redevelopment of this site represents an excellent opportunity for the North West Evergreen Fund. The investment will provide both the returns that the fund needs to continue supporting regeneration projects and the social value for Greater Manchester in the form of jobs and a new first class office facility.”

    Andrew Antoniades. Senior Director, CBRE Capital Advisors commented: “This is a fantastic development that we are very pleased to have arranged the funding for. Despite strong underlying fundamentals in the Manchester real estate market, development finance remains scarce throughout the UK and the private sector debt market is increasingly unwilling to fund such schemes. Consequently, investment funds such as these are vitally important to the North-West economy, and its continued growth. As such, we are pleased to provide funding support with a sizeable loan package to help ensure the city has high quality Grade A commercial space to continue to attract new business and support employment.”

    The North West Evergreen Fund, which is made up of 16 local authority limited partners, was established to provide funding to support real estate projects, which are critical to the region’s economy, generating jobs and growth. It is capitalised through the European Regional Development Fund (ERDF) and other public money allocated under the Joint European Support for Sustainable Investment in City Areas (or “JESSICA”) initiative, which is managed by the European Investment Bank in the North West on behalf of the Homes and Communities Agency.

    The Evergreen model provides loan funding to be invested in projects which will generate a financial return and will then be recycled back into the fund to help support further projects. The fund is advised by CBRE Indirect Investment Services Limited, the FCA regulated arm of CBRE.

    Advisers included Nabarros which provided legal advice on construction, property and development to Worthington Properties. Gowling WLG provided legal advice on construction, property and development to the investors.

    Hard demolition will commence in January 2017 and you can view progress of the development on our time lapse camera here.

    If you’re interested in the space at 125 Deansgate please contact our agents Savills and Knight Frank who’s contact details you can find here.

     

  • Planning application granted for new £70m Manchester office scheme

    10th December 2015

    Planning application granted for new £70m Manchester office scheme

    Plans for a new £70m Breeam excellent office scheme in the heart of Manchester have been approved, with construction expected to start in summer 2016.

    The landmark office scheme will be delivered by Worthington Properties, part of the Lancashire-based Marcus Worthington Group.

    It will occupy a prime office location on Deansgate strategically positioned between the gateway to Spinningfields and Manchester’s civic core, and provide 113,500 sq ft of Grade A office space and a further 12,100 sq ft of retail space over two units.

    Replacing 123-127 Deansgate, it will form an integral part of the wider redevelopment of Brazenose Street and Lincoln Square.

    Russell Worthington, director of Worthington Properties, said: “This is a significant opportunity to provide quality office space in one of the busiest and most sought after locations in Manchester. The building is going to complement the surrounding area and help to transform the landscape, and we’re looking forward to starting work in the New Year.”

    Glenn Howells Architects, which designed One St Peter’s Square and Vimto Gardens in Manchester and Salford respectively, was tasked with creating the impressive designs.

    Dav Bansal, director added: “The scheme is in a great location as a key marker to the growing commercial district of Spinningfields and strengthening its connection to Manchester’s civic quarter. We are delighted with the support from the city’s planning team for this ambitious project and look forward to now delivering it over the coming years.”

    Leading real estate agencies Savills and Knight Frank have been appointed to market the scheme.

    James Evans, of Savills added:  “This building will be an iconic addition to the Manchester skyline. The blend of high quality office accommodation, numerous leisure and retail amenities and the profile 125 Deansgate will provide to businesses that choose to locate within it, will undoubtedly make the scheme a great success”.

    Planning advice and guidance was provided by Deloitte Real Estate.

     

  • Worthington Properties submits plans for £70m Manchester office scheme

    17th September 2015

    Plans for a new £70 million office scheme in the heart of Manchester have been submitted by Worthington Properties, part of the Lancashire-based Marcus Worthington Group.

    The landmark office scheme will occupy a prime office location on Deansgate strategically positioned between the gateway to Spinningfields and Manchester’s civic core. It will deliver 113,500 sq ft of Grade A office space and a further 12,100 sq ft of retail space over two units.

    Replacing 123-127 Deansgate, it will form an integral part of the wider redevelopment of Brazenose Street and Lincoln Square. Construction is expected to start in summer 2016.

    Russell Worthington, director of Worthington Properties, said: “This BREEAM Excellent scheme will deliver 113,500 sq ft Grade A office floorplates on one of the busiest and most sought after locations in Manchester. It will make a welcome addition to this area of the city and will complement what is happening in Lincoln Square and its immediate surrounds.”

    Glenn Howells Architects, which designed One St Peter’s Square and Vimto Gardens in Manchester and Salford respectively, was tasked with creating the impressive designs.

    Dav Bansal, director added: “Paying homage to the industrial character of Deansgate with its red Victorian architecture, we are delighted with the contemporary yet strikingly calm approach to the design that compliments the centrepiece Grade I Listed John Ryland Library within this pivotal setting. It marks a significant opportunity on Deansgate and is a catalyst for the transformation of this area.”

    Leading real estate agency Savills has been appointed to market the scheme. James Evans, of Savills added:  “The proposed building occupies one of the highest profile spots within the city. It will provide a visually stunning addition to Deansgate whilst offering occupiers highly efficient floorplates. We are of no doubt successful businesses within Manchester will recognise the benefits of locating to the development.”

    Planning advice and guidance was provided by Deloitte Real Estate. Niall Alcock, assistant director concluded“After a long period of relative inactivity, we are now seeing a number of commercial developments come forward to meet the strong demand for Grade A office space in the city centre. We expect that this demand will continue, bolstered by Manchester’s ongoing economic growth and initiatives such as the Northern Powerhouse.

    “The proposed development will bring a new commercial address to Deansgate, ideally placed to meet occupiers’ requirements for Grade A office space and help fill what is currently a missing link between Spinningfields and the Civic Quarter around Lincoln Square.”