Manchester `is Britain`s second city for commercial property`
Released on = May 19, 2007, 7:50 am
Press Release Author = Jimwatson
Industry = Real Estate
Press Release Summary = Manchester has been described by one property law expert as the UK\'s second city when it comes to commercial property, thanks to an abundance of high-quality property developments.
Press Release Body = Manchester has been described by one property law expert as the UK\'s second city when it comes to commercial property, thanks to an abundance of high-quality property developments.
Alan Burns, commercial property solicitor for JMW Solicitors, explained that Manchester\'s commercial property scene is \"extremely busy\", even if it cannot hope to match the London market in terms of scale or values. And although it is unlikely to catch up with London in these terms, Manchester has a \"very strong claim\" to being the UK\'s second city for commercial property, he said.
Overseas businesses have increasingly been looking at setting up offices in Manchester thanks to cheaper property costs, a lower cost of living and a strong communications infrastructure.
Mr Burns explained: \"I think London has more prestige internationally, so a London base probably helps if you\'re looking to get clients from overseas.
\"But having said that, Manchester is a well known city. [so] it\'s not a disincentive to getting work from overseas.\"
Manchester\'s stock as a commercial property destination is likely to continue to increase, with a large number of ambitious developments either planned or in construction.
Later this year, construction is due to start on the Inacity Tower next to Manchester Piccadilly Train Station. It features 58 storeys and stands at 617ft tall, containing a number of apartments and a hotel. Similarly, the completed Beetham Tower - currently the city\'s tallest building - contains the Hilton hotel and several apartments, with 48 storeys.
Recently, Albany Assets revealed that its Crown Tower will be extended to 54 floors, to be located on the site of a derelict Department of Employment building. Additionally a number of shorter grade-A office developments are also in progress, including Piccadilly Place and Salford\'s media city.
No other city in the UK outside London can claim to have as many commercial property projects in progress of the ambition shown by Manchester.
However, this should not necessarily be surprising. In the early 1960s, Co-operative Insurance constructed what was at the time one of Europe\'s tallest buildings, the CIS Tower, which was until recently the city\'s highest building.
Equally, the enormous Piccadilly Plaza complex has a similar sense of scale - and although it aged badly, a multi-million pound redevelopment scheme looks set to bring the structure up-to-date, adding to the city\'s commercial property presence.
Given Manchester\'s commercial property past and present, it is perhaps entirely justifiable that the city should be considered as the UK\'s second after London in this respect.
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