GMPF / HBD JV to speculatively develop Island

Joint venture partners Greater Manchester Pension Fund (GMPF) and its chosen partner property developer HBD have announced they are to speculatively develop Island on John Dalton Street, bringing forward 100,000 sq ft net zero carbon, smart-enabled office accommodation in Manchester city centre’s prime core. Island has a GDV of £66 million.

The announcement coincides with the appointment of Bowmer + Kirkland as main contractor to deliver the scheme which is designed by Cartwright Pickard. Construction is scheduled to commence this month with practical completion due in summer 2024.

Adam Brady, Executive Director at HBD, commented: “This is a real statement of intent; the decision to speculatively develop Island reflects our confidence not only in Manchester but for the future of workspace. The time is right to bring forward a development where people can come together in a healthy, progressive, and sustainable way.  ESG is high on the agenda, and we have worked hard to embed the latest industry thinking into the buildings design and technology. Our buildings are designed around people from the ground up. We believe Island will attract progressive organisations, those which are adopting a more fluid way of working in order to attract and retain the best talent.”

Councillor Brenda Warrington, Chair of GMPF said: “The start of work on site at Island is a major landmark for the development and the Manchester City Centre office market.  As the next generation of office accommodation reflecting new ways of flexible working, our ambition is to achieve zero carbon and provide the highest levels of accessibility required by future occupiers.   Funding from GMPF to projects such as this, meets our twin aims of achieving a good return for our member’s pensions, whilst also delivering a positive economic and social regeneration impact on the city.”

Avison Young is advising GMPF and also acts as planning consultant on the project. Joint letting agents for the scheme are OBI and Avison Young.