Trinity Point

Manchester City Centre

Overview

AN INTRODUCTION TO TRINITY POINT...

An opportunity to acquire a prime freehold site in the heart of Manchester City Centre.

Cushman & Wakefield and JLL are retained separately by landowners within the boundaries of the wider site, as outlined below.

We are inviting parties to acquire the site in full or to bid for individual lots.
  • Rare opportunity to create a significant residential neighbourhood of scale
  • The whole site totals 2.1 acres (0.85 ha) or 2.6 acres (1.05 ha) including the roads. Cushman and Wakefield are retained on part of the site totalling 1.06 acres (0.43 ha)
  • Feasibility study for c.1,100 homes across both sites by award winning Jon Matthews Architects
  • Immediate location has established itself as one of the Manchester City Centre's most popular residential neighbourhoods
  • Adjacent to Manchester Victoria Station and Metrolink and the AO Arena Manchester
  • 100 metres from the new £150m city centre Manchester College Campus
  • Within the Great Ducie Street Strategic Framework (SRF) with full support from Manchester City Council for residential development

Location

MANCHESTER

POPULATION

Manchester is the UK's leading regional City. It has world class universities, infrastructure, culture, sport and leisure, alongside one of the best graduate retention rates in the UK. Manchester is the UK's largest regional economic area.

Greater Manchester has a population totalling 2.83 million people and has 7 million people living within an hour's drive, which is the largest travel to work area of any conurbation outside London. Manchester has the largest regional millennial population.

ECONOMY

Manchester is recognised as a world-class city which continues to drive the surging economy of the wider region. Manchester is a key anchor in the Northern Powerhouse movement and is consistently amongst most successful UK cities for attracting foreign direct investment (FDI).

The economy is extremely diverse with an estimated 80 of the FTSE 100 companies represented. There are 50 international banks and over 2,000 foreign owned companies located in the City, demonstrating that Manchester is truly a global city.

The Greater Manchester economy has more than doubled in size since 2000, recording an annual GVA of over £74.9bn in 2019 (ONS).

The Greater Manchester Combined Authority has the potential to nearly double the economic output of Greater Manchester to £132bn by 2050, delivering 96,000 jobs and 16,800 homes.

Manchester has been recognised as 5th best large city for business in Europe by the Financial Times in 2020, as well as the fastest growing tech city in Europe by TechNation in 2019.

INFRASTRUCTURE

TfGM forecasts an increase of more than 800,000 trips per day across the city by 2040 due to employment and population growth.

The hugely successful Metrolink network has already significantly enhanced the connectivity of the Greater Manchester area and is expected to expand further, and there is a continued focus on developing safe walking and cycling routes via a £160m plan.

Once complete, HS2 will further enhance the city's connectivity to other key regional cities and London, with journey times to London Euston set to reduce from 2 hours 8 minutes to just 1 hour 8 minutes. , and to Birmingham from 1 hour 28 minutes to only 44 minutes.

CULTURE & SPORT

Manchester offers a cultural experience unrivalled outside of London. The city is thriving as a global brand, well known for its sport, culture, education and commerce. Along with being the third most visited city in the UK.

The city is home to multiple theatres and music venues. From world class arenas, such as the AO Arena (adjacent to the site and the UK's largest indoor music venue), to well-established independent theatres, including the Royal Exchange Theatre, Contact Theatre, Lowry Theatre, Home and the soon to be completed The Factory.

Manchester is home to two of the world's biggest football clubs, the University Campus of Football Business (UCFB), premiership rugby club Sale Sharks, and the National Cycling Centre velodrome which has been home to British Cycling since 1994.

A DYNAMIC CITY & GLOBAL DESTINATION FOR BUSINESS OFFICE TAKE-UP The Manchester office market is characterised by very strong demand from a wide range of occupiers, all of whom are increasingly driven by competition for talent and the relative value in comparison to London and south-east.

More than 80 of the FTSE 100 have a presence in Manchester and prime city centre rents have now reached £38.50 psf.

The 5-year average annual office take-up is greater than 1.3m sq ft. Even transacting in excess of 800,000 sq ft during the Covid-19 pandemic in 2020.

The 5-year average is 74% higher than the next best city outside London and 2021 annual take-up is well on track to exceed 1 million sq ft once again, having transacted 711,605 sq ft by the end of Q3.

STUDENT POPULATION

The city has one of the largest student populations in Europe with over 104,000 students across 5 universities. Combined, they produce in the region of 40,000 high-quality graduates every year.

Post-graduation, there is an impressive student retention rate with 43% remaining in the city. Such a high level of graduate retention demonstrates the strength of the employment market and excellent quality of life on offer to young professionals in the city.

This means there are roughly 17,200 graduates potentially added to the housing demand side each year.

GLOBAL CAPITAL

Manchester is the UK's most liquid regional city and has the largest share of investment volumes of any regional city, with over £3.3bn transacted on offices alone in the last 5 years (compared to Birmingham at £2.9bn and Edinburgh at £2.2bn).

Investment and development demand for residential remains strong within Manchester across the multifamily housing space, with several new entrants seeking to establish themselves in the city.

Build-to-Rent investment volumes have reached over £1.8bn for the city and 2021 has seen four city centre BtR investment transactions complete comprising a total of nearly £250m; however with current deals under offer this is set to reach in excess of £350m by year-end. The most of any regional city.

CITY CENTRE ECONOMY

Further information can be found within the marketing particulars.

RESIDENTIAL MARKET

Further information can be found within the marketing particulars.

Situation

The site is enviably positioned adjacent to the AO Arena, Manchester Victoria railway and Metrolink station, and the new flagship Manchester College city centre campus site.

A vast array of bars, restaurants, shops, offices and leisure offerings are within easy walking distance, with the likes of Exchange Square, The Printworks, The Arndale shopping centre, and the vibrant Northern Quarter all being within a 10-minute walk. In addition, many of the city's key office employment areas are easily accessible by foot, including the Central Business District, New Bailey, St Peters Square, St Johns and NOMA.

Manchester College City Centre Campus

Due for completion in Spring 2022, this site lies directly adjacent to the west on the Ring Road and is to be the flagship of the masterplan to create state-of-art educational facilities for the region and will become home to the College's Centre of Excellence for Creative and Digital Industries, and UCEN Manchesters Arden School of Theatre and Manchester Film School.

The NOMA Masterplan Area

This key city centre regeneration area is located within a 5-minute walk of the site and is well underway with the process of delivering 4 million sf. of new and refurbished office space, retail, leisure, residential and hotel beds as well as a 4-acres of redeveloped public realm.

Victoria North

The 46-hectare, £4bn (£GDV) regeneration area being transformed by the joint venture between Far East Consortium and Manchester City Council. The area is located east of the site (5-minute walk) and extends north-east from the Green Quarter & Victoria Station.

New Victoria

Adjacent to Victoria Station, the 520 unit BtR scheme has been forward funded by Pension Insurance Corporation in a £130m deal. This is part of a wider £185m regeneration project by Muse Developments that also includes a 50,000 sq ft, office and public realm.

Greengate Masterplan

Greengate is a strategic regeneration area. It comprises 5 million square feet of high density urban block and high-rise mixed-use space, arranged around a new sequence of significant public spaces.

Road

The subject site lies adjacent to Manchesters inner ring road, Trinity Way.

Manchester has excellent motorway connections within the conurbation. Over 25% of the UKs motorway network runs through the area placing 20 million of the UKs population within a two-hour drive.

The M60 arterial motorway provides connections to the M62 which in turn provides a direct link to Liverpool, Leeds and the West and East Coast ports. The M6 provides links to Birmingham and London in the south and Glasgow and Edinburgh to the north.

METROLINK

The Metrolink is Manchester's light rail transit system which has improved access to the city centre and has reduced road congestion.

The network has been expanded with new lines across the city centre as well as an extension to Manchester Airport to the south and to Oldham and Rochdale in the north. The Metrolink currently transports over 43m million passengers every year. Numbers will continue to grow as the network continues to expand with a number of new stops either proposed or in the pipeline.

The subject site is located just under a 5-minute walk away from the tram stop at Victoria Station which is a key interchange for 5 of the 8 lines covering the city-region.

RAIL

Manchester City Centre has four mainline railway stations (Piccadilly, Oxford Road, Victoria and Deansgate) linking the city to the wider national rail network. Victoria Station lies within a 5-minute walk from the subject site.

There are typically 56 trains daily from Manchester to London with a journey time of approximately 2 hours. The proposed High Speed 2 line will provide high speed connectivity between London and Manchester reducing the journey time to 1 hour 8 minutes.

AIR

Manchester Airport is situated 5 miles (8 km) to the south of the city centre. It is the UK's third busiest airport and the largest outside of London, serving 29 million passengers annually and providing regular services to almost 200 destinations worldwide. The airport can be affordably and directly accessed via the Metrolink from Victoria Station in as little as 53 minutes (30 minutes by car).

Description

C&W PLOT

The element of the site being marketed by Cushman and Wakefield extends to c.1.06 acres.

For this parcel of land Jon Matthews Architects have designed a scheme comprising over 473 apartments (Blocks A and B).

This proposal creates a masterplan that retains the existing roads; Shaw Street, Crest Street and Skip Place. The main entrance to Block A + B is via newly created public space off Shaw Street. A large-scale residents lounge is provided, along with resident's amenity.

WIDER OPPORTUNITY

The respective landowners identified in the plan below recognise the opportunity created in presenting their interests as a wider development opportunity. The landowners have worked jointly in designing and presenting a wider masterplan, which maximises the sites potential to create a unique residential neighbourhood within the city centre.

OFFERS ARE INVITED FOR THE WIDER SITE AND THE RESPECTIVE STAKEHOLDERS HAVE AGREED TO COLLABORATE TO HELP FACILITATE A DISPOSAL THROUGH THIS APPROACH.

Information required in putting forward an offer for the wider site is available to parties within a datasite.

JLL and Cushman & Wakefield have sole agency instructions from the respective landowners as identified in the plan.
Both agents are working together with regards to interest in the wider opportunity.

Further information can be found within the marketing particulars.

PLOT A AND B

A rare opportunity to purchase a prime large-scale c.2.1 acre brownfield site (c.2.6 acre site, including Highways) with the benefit of vacant possession.

Award winning Jon Matthews Architects created a feasibility study for the wider site which has received positive engagement from Manchester City Council.

Key highlights of the wider masterplan include:
  • Iconic 40 storey tower fronting Trinity Way
  • Potential to create a prominent new neighbourhood overlooking Victoria Station
  • c. 0.2 acre communal park with opportunity to create active ground floor uses
  • Potential to deliver upwards of c.1,100 units across 5 blocks
  • Ability to phase
A copy of the Jon Matthews Architects masterplan is available within the data room.

Parties interested in the wider opportunity should liaise directly with JLL/Cushman & Wakefield.

Please note that the wider development plan was incorporated to have regard for massing for each respective site, on the basis they were sold separately.

Should parties seek to make offers in isolation, we would recommend parties to bear in mind massing of proposals should be roughly proportionate to the size of the land ownership in comparison to the whole.

If on the other hand, parties were seeking to acquire the site as a whole, we recognise parties may seek to achieve an alternative layout and design.


Tenure

Freehold.

Tenancy

The following information is available within the respective site's data room - hosted by CMS:

Planning

A full planning appraisal is available within the data room with key messages as follows:
  • A high quality residential-led development that makes a significant contribution to the SRF vision. This vision seeks to create a place for people to live and work in that is different, standing out from the city centre core and distinct from the adjoining regeneration areas around the city centre's periphery.
  • There must be a seamless relationship between buildings across the sites (including JLL's land) that would only be achieved through the provision of a site wide strategy that addressed factors such as open space, public realm, and vehicle, cycle and pedestrian routes and connections.
  • The final development must be read as a single piece of townscape, including both JLL's and C&W's land that has a consistent quality and sense of place. This is vitally important if components of the site come forward independently of one another. If this were to be the case then each site component would need to robustly demonstrate how it would work together holistically with the other components and would be deliverable, specifically to guarantee the delivery of a single city 'place' and not a collection of independent developments.
  • The site is not within or adjacent to a conservation area, and there are no Listed Buildings within the site boundary.
  • All development to contribute 20% on-site affordable housing in line with Core Strategy Policy H8 subject to viability assessment.
In the event that both sites are not sold as a single entity, it is critical that the landowners / preferred bidders have addressed the following:
  • An agreed mechanism to address MCC's requirement that the site is developed out within a common masterplan and;
  • The final development must be read as a single piece of townscape that has a consistent quality and sense of place.

VAT

There are elements of the site that are Registered for VAT, whilst there are others that are not. Full details are available upon request.

TECHNICAL INFORMATION

A suite of technical information including ground investigation reports is available within the data room. All reports have been carried out by Thomasons.

COLLABORATION AGREEMENT

There is a collaboration agreement between the parties with common aims and objectives towards the sale disposal. The agreement binds the parties to act in a collaborative way to enable a smooth transfer of the ownership, either as a whole or in part.

DATA ROOM

The following information is available within the respective site's data room - hosted by CMS:
  • Feasibility study carried out by Jon Matthews Architects
  • Technical reports by Thomasons Ground Investigations; Utility Study; Drainage Study; Topo Survey; Transport Statement; UXO Assessment; GPR Survey
  • Tenancy Info
  • Title Info
  • Planning Statement / Appraisal

Proposal

Any proposal made should have regard to the draft bids guidance note; a formal copy will be issued closer to the bids date.

Follow the link below for video overview
https://www.creativeworld.co.uk/client/Trinity-Point/video

For further information, details of the guide price and guidance on the proposal, please contact the C&W team.

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