Co-Op to develop new corporate real estate

Monday, December 22, 2008

The Co-Operative has announced a new £100 million development project to establish new head offices in Manchester.

The Co-Operative has announced that it will look to develop new headquarters in central Manchester.

In a statement, Richard Leese, leader of Manchester city council, described the development as "fantastic" and added that it had worked house to keep the company in the north-west city.

A proposed site for the new corporate real estate has been put forward and it is thought that it will provide up to 400,000 sq ft of office space.

"We're working with the Group and other landowners in the wider area to put forward proposals for further regeneration opportunities in this part of the city centre," said Mr Leese.

According to Crains, the company considered a move away from Manchester last year, stating that some of its current offices were no longer fit for purpose.

The corporate real estate project is expected to cost £100 million to complete and forms part of the company's masterplan for regeneration of the Northern Gate area, which will be fully unveiled in the new year.

Source: ask-re The Property People LLP