EAST & WEST TOWER / WATER STREET€¦ · the last decade has evolved to become home to over 165...

E A S T & W E S T T O W E R / W A T E R S T R E E T

2 | N I C K E L & D I M E S T . J O H N ’ S | 3

T H I S I S N I C K E L & D I M E


A T S T. J O H N ' S


O U R P R O P O S A L

The Opportunity: Nickel & Dime will be

a unique opportunity for investors to

own a new, best-in-class Private Rented

Sector product for a captive audience.

Comprised of two, bespoke, 305 unit

towers, Nickel & Dime will offer a unique

lifestyle choice and is destined to become

a new living landmark for the city.

The St. John’s Neighbourhood: benefitting from an unrivalled

location, the towers are set at the heart of St. John’s; a new

city centre neighbourhood that will provide a place to live,

work and play. St. John’s will be the place for enterprise

and innovation; for culture; entertainment and leisure; a

game-changer for the city’s international profile. It will be a

neighbourhood containing 320 hotel bedrooms, 560,000 sq ft

of workspace, 240,000 sq ft of retail and 13 acres of

public realm. The cultural element to St. John's will be driven

by Factory, a £110m arts centre capable of accommodating an

audience of up to 7,300 people.

The St. John’s neighbourhood will be located directly adjacent

to Allied London’s Spinningfields business district, which over

the last decade has evolved to become home to over 165

commercial organisations. Through this it has also established

itself as a cultural, retail, leisure and restaurant destination

featuring some of the best independent bars and restaurants.

Spinningfields has completely repositioned the city, with

over 220,180 sq m (2,370,000 sq ft) of the highest quality

workspace, residential and leisure space developed across 15

institutional grade buildings.

The Developer: Allied London understand the importance

of research and design in the creation of any asset class, and

everything they do is created with the ambition to be best in

class. In Manchester, Allied London’s record in achieving this

is second to none, known as the leading developer of prime

property investments in the city and across the UK.

To date, research has been forensic and detailed, and now

Allied London believe they can create and deliver one of the

UK’s best residential property investments. Without doubt

Nickel & Dime will be Manchester’s best in terms of design,

location and service, making it one of the most significant UK

residential PRS opportunities to invest in.

Michael Ingall

Chief Executive, Allied London

N I C K E L , C A S T I N

B R O N Z E , A N D D I M E ,

I N S I L V E R .


S T . J O H N ’ S V I S I O N

St.John's is the new Manchester City Centre neighbourhood

that takes the best elements from neighbourhoods and

communities across the globe; promoting, supporting,

attracting and cultivating the very best in culture, enterprise

and living.

The Allied London masterplan contains 2,185 homes, which are

carefully positioned within a thriving environment, making it

the most desirable place to live in Manchester.

The vison for the living element of this ambitious and much

applauded masterplan is based on the theme of 'Village

and Sky'.

South Village and Manchester Goods Yard provide for a

unique style of urban living, all designed around the theme

of lateral living; spacious, well-appointed luxury apartments,

designed on the principles of contemporary industrial themes.

Homes that include roof gardens, outdoor entertainment

areas, utility rooms, loft ceilings, and industrial finishes;

accommodation befitting of a house in the Chelsea and

Dumbo areas of New York but also very much part of the

industrial heritage of Manchester and in particular the

Castlefield and St.John’s districts.

The Sky will see a series of classically designed towers,

offering a different lifestyle choice.

At 52 stories, The Tower at St.John’s Place has been designed

to the principles of classic tower architecture taking its

precedent from the early towers of Chicago and New York.

Simple, classic and elegant for luxury living, The Tower

at St.John's Place will provide apartments for ownership;

designed for personal and family investment. At the foot of

the tower, a luxury five-star hotel.

Nickel & Dime comprises of two PRS towers, forming

a community within their own right, making it a unique

opportunity for forward-thinking investors to create a new

Private Rented Sector (PRS) product for a captive audience.

Attitudes are evolving and renting is becoming the first choice

option for a huge selection of professionals and families. With

a growth in urbanisation, Manchester is more attractive than

ever and experiences in the arts, culture, retail, food and drink

are an ever-evolving draw to the city.

T H E H U B O F E N T E R P R I S E

C I T Y A T S T . J O H N ’ S ,

M A N C H E S T E R G O O D S Y A R D ,

W I T H T H E N I C K E L & D I M E

T O W E R S B E H I N D .

1 0 | N I C K E L & D I M E S T . J O H N ’ S | 1 1

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D E V E L O P M E N T & P L A N N I N G S U M M A R YS T . J O H N ' S M A S T E R P L A N

1. Nickel & Dime

Two elegant residential towers clustered on the river edge. Planning submitted. Start on site Q3 2017.

6. South Village

New low-rise mixed-use village buildings. Revised planning to be submitted Q1 2017. Over 40% of units sold off plan. Start on site Q3 2017.

5. Factory

A world class cultural venue for national and international events that span the cultural sector including performance, arts, music and film. Planning approved. Operator secured. Start on site Q1 2017.

2. Manchester Goods Yard

A vibrant enterprise neighbourhood at the heart of St. John’s. Planning submitted. Start on site Q4 2017.

3. Old Granada Studios

Former Granada headquarters and studios converted into an event hotel and art, filming and performance spaces. Planning approved. Hotelier secured. Start on site Q2 2017.

7. St. John’s Place

Four buildings forming a gateway to St. John’s and Manchester City Centre, with a landmark tower as its centrepiece. Planning approved. 40% of units sold off plan. Start on site Q3 2017.

4. The Bonded Warehouse

Redeveloped into a new centre for enterprise, creativity, innovative working and leisure. Planning Approved. Pre lets secured. Start on site Q1 2017.

NICKELEAST

DIMEWEST


C A S T L E F I E L D

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M A N C H E S T E RC E N T R A L

S T P E T E R S S Q U A R E

D E A N S G A T E /C A S T L E F I E L D

P I C C A D I L L YG A R D E N S

M A R K E T S T R E E T

S H U D E H I L L

G R E A T N O R T H E R N W A R E H O U S E

B E E T H A M T O W E R

N A T I O N A L F O O T B A L L M U S E U M

M O S I

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D E A N S G A T ES T A T I O N

V I C T O R I AS T A T I O N

P I C C A D I L L YS T A T I O N

W E L L C O N N E C T E D

CITY ZONE

Shuttle busconnectionsavailable

ALTRINCHAM

ROCHDALETOWNCENTRE

Shaw and Crompton

KingswayBusiness Park

Milnrow Newbold

Newhey

Derker

Monsall

Failsworth

FreeholdHollinwood

Westwood

Edge LaneVelopark Droylsden

Audenshaw

Brooklands

Timperley

SaleWaterPark

NewIslington

ClaytonHall

EtihadCampus

MarketStreet

HoltTown

CentralPark

SouthChadderton

BowkerVale

OldhamCentral Oldham

Mumps

NewtonHeath andMoston

OldhamKing Street

RochdaleRailwayStation

DEANSGATE-CASTLEFIELD

AshtonMoss

CemeteryRoad

AshtonWest

WythenshawePark

WestDidsbury

Baguley

NorthernMoor

DidsburyVillage

Exchange Quay

Salford Quays

Anchorage

St.Werburgh’s Road

NavigationRoad

MoorRoad

Barlow MoorRoad

RoundthornBenchill

MartinscroftCrossacres

Shadowmoss

RobinswoodRoadPeel Hall

MANCHESTERAIRPORT

EASTDIDSBURY

ASHTON-UNDER-LYNE

WythenshaweTown Centre

Firswood

Chorlton

Withington

Burton Road

Broadway

Langworthy

MediaCityUK

CORNBROOK

LadywellECCLES

Weaste

Harbour City

Pomona

Sale Trafford BarOld

TraffordDaneRoad Stretford

BURYRadcliffe

Prestwich Whitefield

Crumpsall Besseso’ th’ Barn

HeatonPark

QueensRoad

AbrahamMoss

PiccadillyGardens

Victoria

PICCADILLY

Shudehill

P+R

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369P+R

100P+R

190P+R

270P+R

P+R

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Manchester is extremely well connected

with easy access across the city on foot,

as well as by car, bus or tram.

Train times from Manchester Piccadilly

Liverpool

47 mins

Leeds

55 mins

Birmingham

1 hr 26 mins

London

2 hrs 8 mins

Glasgow

3 hrs 15 mins

Edinburgh

3 hrs 16 mins

Manchester Metro Map

5 mins 15 mins 20 minsST. JOHN’S

SPINNINGFIELDS

NICKEL & DIME

10 mins


C O M M U N I T YC R E A T I V I T Y

H O M EA R T S

O P P O R T U N I T YI N N O V A T I O N

A place for creative, digital and technology industries to thrive.

A place where enterprise will flourish

alongside arts and performance.

For many, a choice to buy, to rent, to invest,

to live. A lifestyle choice throughout the

neighbourhood of villages and sky.

Breaking the mould and pioneering

the way for innovation.

An opportunity not to be missed, to invest in what

will be one of the UK’s most carefully crafted and

considered PRS investment opportunities.

A place to meet, create and engage.


A L L I E D L O N D O N ' S V I S I O N

Allied London have spent considerable time researching the

PRS model and have concluded that St.John’s provides an

outstanding opportunity to create a prime asset for this new

thriving sector of property investment. With the right design

and right location, PRS can offer investors an unequalled

investment opportunity.

Allied London know about getting things right. In London,

their Brunswick mixed use development is still one of the most

highly valued assets in the entire London investment market.

In Manchester, Allied London has created the best commercial

assets in the city which have obtained the highest rents and

the highest investment values. Importantly, these values have

been sustained and continue to be sustained, as evidenced

by their recent XYZ development, a commercial property

investment unmatched outside of London.

In Leeds, Leeds Dock has quickly established itself as the city's

newest and most sought after media and technology hub, a

mixed use scheme by the River Aire, with over 1,100

residential units.

Allied London understands the importance of research and

design in the creation of any asset class, and everything

they do is created with the ambition to be best in class. In

Manchester, Allied London's record in achieving this is second

to none, known as the leading developer of prime property

investments in the city.

Leeds Dock at night

The water taxi at Leeds Dock

XYZ Building, Manchester


D E S I G N P R I N C I P L E S


N I C K E L & D I M E D E S I G N P R I N C I P L E S

The site for Nickel & Dime was selected due to its access to the

city along the riverside by foot, short distances to national rail

services and located alongside the UK’s most exciting cultural

destination, Factory.

Allied London appointed Denton Corker Marshall, London

based celebrated architects, following a rigorous design

competition between five PRS specialist designers.

High-quality design doesn’t just spring up anywhere; it needs

to be supported by an infrastructure of passion and purpose.

Architectural and structural design together with method of

construction is of paramount importance to PRS development.

An ability to contain building costs through the design

process is a honed skill of Allied London's, whose delivery and

construction track record is exemplary.

The ability to deliver Nickel & Dime is all about the design

and construction, but it is also about the definition and brand

philosophy of the product. Nickel & Dime is a lifestyle choice,

the choice to rent your home and live within a highly managed

and cared for environment, with in-built service and amenity.

Nickel & Dime will contain a raft of amenities all bookable via

the seamless app; 24/7 personal concierge services, secure

parcel and postage room, workspace lounges, library, all day

gourmet food market, restaurant, entertainment lounge, dog

walking & day care services, roof garden, home cinema, gym,

wellness studio for yoga and pilates, and regular social events

for the buildings tenants.

L I F E S T Y L E

L E D

D E S I G N


The façade concept for each building is to have a delicate

metallic skin; one in copper colour and the other in silver,

wrapped around a sleek glass block. The solid metal panels

making up this skin appear arbitrarily placed in elevation to

create a patterned effect. These sit on the front of glazed

panels resulting in an interesting, dynamic visual effect when

applied across such large areas of façade.

With each tower being wrapped with this same aluminium

panel system they become linked as a ‘couple’ in the St. John’s

masterplan. With the Dime Tower finished in a silver-grey

colour and the Nickel Tower in copper/bronze it gives the

impression of, say, playful siblings alongside the taller, mixed-

use tower.

Clear double-height shop-front glazing surrounds the ground

floor and the mezzanine areas, maximising the amount of active

facades facing on to the public realm and creating a dynamic

interplay between the resident’s internal amenity areas and the

exciting, urban street-life in the Village.

The cladding solution proposed for both buildings incorporates

the simplest, most cost-effective, construction methodology,

uses readily available materials and involves tried and tested

manufacturing processes.

F A Ç A D E C O N C E P T & D E S I G N


O N A R R I V A L

With its unrivalled concierge service where

accommodation and lifestyle needs are

catered for, from restaurant recommendations

to changing a lightbulb.

A W A R M W E L C O M E

W I L L B E E N S U R E D

U P O N E N T E R I N G

N I C K E L & D I M E


G R O U N D F L O O R


R E S I D E N T I A L A M E N I T Y C O M M E R C I A L U N I T

I M P R E S S I V E

A M E N I T Y C H O I C E

Ground Floor

• In The Nickel Tower will be the market for locally

sourced ingredients.

• Flagship destination restaurant in the Dime tower

by a revered chef.

• Uninterupted views of the Riverside, Canal Basin

and resident gardens.

• Large open plan retail/leisure spaces.

• Beautifully lit and heated outdoor alfresco spaces.

• Separate residential entrance for an intimate welcome.

• Digitised post and parcel room facilities.

• 24 hour concierge provision.


F I R S T F L O O R


R E S I D E N T I A L A M E N I T Y C O M M E R C I A L U N I T

S T Y L I S H P A N T R Y K I T C H E N

W I T H C O M M U N A L T A B L E

• Exclusive areas for resident use.

• First floor retail/leisure space accessed via a spacious open

plan stairwell. This allows the operator a route to the service

area for residents which drives more revenue and a better

all round customer experience.

• Dedicated event, meeting and co-work space.

• Stylish pantry kitchen with communal table.

• Tech savvy concierge staff desk.

• Private residents lounge.

First Floor


O N T H E R O O F


R E S I D E N T I A L A M E N I T Y

E X T E R N A LT E R R A C E

• Breathtaking views of the city.

• Indoor, outdoor and outdoor canopy covered spaces,

maximising versatility.

• Focus on health, wellbeing, relaxation and socialising.

• Large, private gym.

• Studio space for personal training sessions and small

group classes.

• Peaceful and relaxing lounges for residents.

• Wi-Fi enabled co-work areas.

• Cooking stations which residents will be able to book

and use for parties and socialising.

The exclusive destination roof gardens in both towers will

provide a great place to meet, eat and socialise. Residents will

be able to purchase bespoke picnic baskets from the ground

floor leisure operator to enjoy on the roof top.

The roof tops will provide a quieter more private space for the

residents to relax. Each tower will have its own winter garden

which can be reserved for private use on occasion, but are

viewed as being mostly open as a space to relax and read a

book or meet some friends against a stunning backdrop of

green space and breathtaking views of Manchester.

E X C L U S I V E D E S T I N A T I O N

R O O F T O P B A R

Roof Level


W E L C O M E H O M E


Allied London have developed layout options for the typical

apartment floors to offer the greatest flexibility in determining

the final mix to suit the development model.

Typical apartment floor plans in each of the options create

the ideal mix whilst optimising the net areas for each. All are

accessed from a single central corridor directly located off

the centre of the building.

Allied London have centralised the mains service risers in

the core to maximize efficiency and also allow for landlord

maintenance access.

The bathrooms and kitchens are located back-to-back

throughout the floor plate to allow for shared riser space to

minimise cost. These risers are accessible from the central

corridor for maintenance by the landlord.

A floor-to-floor height of 3000mm gives an internal finished

floor-to-ceiling height of 2500mm in the living/dining areas.

T H I S I S S M A R T , C O N T E M P O R A R Y

L I V I N G I N T H E C I T Y

1 B E D 2 B E D

Typical Floor Plan


O N E B E D

The apartments have also been carefully

considered and designed to appeal to

the private rental scheme market. The

following key considerations and criteria

have been incorporated into the design

of the apartments.

• Layouts configured to ensure that

upon entry, tenants have clear

sightlines, allowing views through

the apartment and out over the city

and surrounding areas.

• Each habitable room within the

apartment has a minimum of one

full height floor to ceiling window.

• 2.5m ceiling heights are provided

within all habitable rooms.

• ‘Jack and Jill’ style bathrooms have

been provided to one and two

bedroom apartments.

• One bedroom apartments are

provided with ‘His and Her’

wardrobes.

• Two bedroom apartments are

provided with a walk-in shower and

separate bath.

T W O B E D

Typical One Bedroom Layout

Typical Two Bedroom Layout


K I T C H E N & D I N I N G


B E D R O O M S


B A T H R O O M S


A T T H E H E A R T O F M A N C H E S T E R


A T H R I V I N G C I T Y


E N T E R P R I S E C U L T U R E

I N M A N C H E S T E R & S T . J O H N ' S

L I V I N G


E N T E R P R I S E


THE UK'S LEADING

REGIONAL CITY VOTED

THE BEST FOR BUSINESS

OUTSIDE OF LONDON


T H E M A N C H E S T E R M A R K E T

Economy

• Greater Manchester generated over £57.4bn of gross

value added (GVA) in 2015, the highest in the country

outside of London (£364bn). Manchester’s GVA is forecast

to grow by 73% between 2014 and 2034, outpacing the

projected wider regional growth.

• The economy has been growing at an average rate of just

under 3% pa for the past decade.

• GVA is forecast to rise by 2.8% per year between 2014 and

2024, above the North West average of 2.5% per year.

• Largest travel-to-work area of any conurbation in the UK

outside of London, with 7 million people living within one

hour’s drive of the city centre.

• Over 2,000 foreign-owned companies have a base in

Greater Manchester.

Tourism

• Over 1.15 million international visitors to Greater

Manchester every year.

• 3rd most popular city for international visits, after London

and Edinburgh.

• Greater Manchester attracts over 5 million delegates

annually to business events.

• Included in the Top 10 Cities globally for travellers

(Lonely Planet 2016).

Education

• There are more than 20 universities within one hour’s

drive of Greater Manchester, with over 400,000 students.

• The region has the largest student population in the UK.

• North West’s largest education employer is the University

of Manchester with 9,000 staff.

Transportation

• Manchester Airport

- The UK’s third largest airport, serving over 225

destinations worldwide.

- Over 24 million passengers between June 2015 and

June 2016.

- Benefits from a World Freight Terminal on site and the

new ‘Airport City’ development.

- Undergoing a £1 billion expansion to add 10 million

passengers per year.

• Rail Infrastructure

- Greater Manchester ranked in the Top 10 in Europe for

transport connectivity.

- The Metrolink system is ranked as one of Europe’s

largest light-rail systems (almost 100km and growing).

- The Greater Manchester Transport Strategy 2040 aims

to provide a world-class transport network across

the region.


MANCHESTER CBD –

OFFICE OCCUPATIONAL

MARKET

Prime headline rents in Manchester are now higher (£34.00

psf) than before the downturn in 2007 (£28.50 psf). As shown

in the below graph, of all UK regional markets, Manchester has

the strongest projection of rental growth over next five years.

Manchester’s prime development pipeline is currently

restricted to six CBD developments currently underway:

• XYZ, Spinningfields (fully pre-let) – Allied London.

• 101 Embankment (fully pre-let) – Ask, Carillion and

Tristan Capital.

• One New Bailey (75% pre-let) – English Cities Fund,

Muse, L&G & HCA.

• Two St Peter’s Square (35% pre-let) – Moseley Street

Ventures Ltd & Deutche A&W M.

• No.1 Spinningfields (35% pre-let) – Allied London.

• No. 8 First Street (33% pre-let) – Ask, MCC, Patrizia UK.

0

London (West End)

Southampton

Manchester

London (City)

Birmingham

Leeds

Edinburgh

Bristol

Glasgow

1

percent p.aSource: CBRE

2 3 4 5

As can be seen from the graph opposite, Manchester

has seen rapid growth in the creative and manufacturing

industries which accounted for 15% and 13% of take up in 2016

respectively. The employment profile of Manchester is now

relatively diverse, which should equate to greater resilience

to future shocks in the long-term. Key employment growth

areas going forward for Manchester are expected to come

from digital and creative industries, healthcare and other

professional services.

RAPID GROWTH IN

THE CREATIVE AND

MANUFACTURING

INDUSTRIES

The graph below shows Manchester’s dominance in terms of office take up (five year average) compared to other regional

cities. The 10 year average take up is 968,000 sq ft per annum.

2009-2014 2016

9%10%

29%

5%

15%

Banking & Finance

TMT

Insurance

Professional

Business & Services

Consumer Services & Leisure

Manufacturing Industrial & Energy

Public Sector / Regulatory Body

5%

3%

24%

10%2%

20%

15%

11%4%

13%

25%

9%10%

29%

5%

15%

Banking & Finance

TMT

Insurance

Professional

Business & Services

Consumer Services & Leisure

Manufacturing Industrial & Energy

Public Sector / Regulatory Body

5%

3%

24%

10%2%

20%

15%

11%4%

13%

25%

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400

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The graph below shows the growth over time of prime CBD office rents in Manchester. Prime headline rents in

Manchester are now higher at £34.00 psf than before the downturn in 2007, at £28.50 psf.

The graph below shows prime office yields in Manchester compared against the five year swap rate. Prime

office yields currently sit at 4.75%, the lowest they have been since 2008.

Prime Yield

Five year swap rate

199

6

20

02

20

08

20

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199

7

20

03

20

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199

8

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20

07

20

13

£40.00

£35.00

£30.00

£25.00

£20.00

£15.00

£10.00

£5.00

£0.00

£ p

er

sq f

t

Forecast

199

0

199

6

20

02

20

08

20

14

199

1

199

7

20

03

20

09

20

15

199

2

199

8

20

04

20

10

20

16

199

3

199

9

20

05

20

11

20

17

199

4

20

00

20

06

20

12

20

18

199

5

20

01

20

07

20

13

20

19

ENTERPRISE AT

ALLIED LONDON'S

SPINNINGFIELDS

• Allied London’s flagship business district located

adjacent to St. John's in Manchester’s city centre.

• Masterplan development accommodates 101 office,

retail and leisure occupiers.

• Home to RBS, HSBC, Bank of New York Mellon,

Grant Thornton, M&S, and many other major

corporate operators as well as the Crown Court,

Magistrates Court and Civil Justice Centre.

• £2 Billion GDV.

• 4 million sq ft of office space (98% let).

• 17,000 resident workers.

• Three minute walk from St. John’s development site.

• Office rental growth of 6% annually over the past

decade.

• Daily footfall of 14,000 people, which increases to

25,000 when events are held.

• Combined retail and leisure spend is in excess of

£26 million per annum.


SPINNINGFIELDS

ENTERPRISE

TENANTS

1 THE AVENUE

NABARRO LLP

OUTSOURCERY

BREWIN DOLPHIN

1 HARDMAN BOULEVARD

RBS

1 SPINNINGFIELDS SQUARE

RBS

COUTTS

4 HARDMAN SQUARE

HSBC

GRANT THORNTON

3 HARDMAN STREET

BARCLAYS

INVESTEC

GENERAL MEDICAL COUNCIL

BANK OF NEW YORK MELLON

BDO

LAMBERT SMITH HAMPTON

DAC BEACHCROFT LLP

SHOOSMITHS

MARKS & SPENCER

RSM

BROWN SHIPLEY

ROBERT WALTERS

REGUS

PINSENT MASONS LLP

PKF

3 HARDMAN SQUARE

PAGEGROUP

I2 OFFICE GROUP

TOWERGATE INSURANCE

WORLDPAY

TLT SOLICITORS LLP

1 HARDMAN STREET

MEDIACOM

2 HARDMAN STREET

DWF

DELOITTE

1 BYROM PLACE

JMW SOLICITORS

TOWER 12

DATALEX

BARTON WILLMORE

GREAT FRIDAYS

PRO MANCHESTER

LEONARD CURTIS

LINCOLN HOUSE CHAMBERS

BUSINESS GROWTH FUND

MONTAGU PRIVATE EQUITY

DOUGLASS SCOTT RECRUITMENT

GRAVITAS RECRUITMENT

XYZ

SHOOSMITHS

NCC GROUP

GLOBAL RADIO

ALLIED LONDON

VANTAGE POINT

ALLIED IRISH BANK

SMITH & WILLIAMSON

OZON LAW

ENTERPRISE ASSIST

ARGAND ASSOCIATES

SACCO MANN

1 Slug And Lettuce

2 Scene

3 The Kitchens

4 RBS

5 The Kitchens

6 Dockyard

7 Zizzi

8 GBK

9 Mr Male Grooming

10 Greggs

11 Itsu

12 Tattu

13 Giraffe

14 Carluccio’s

15 Bagel Nash

16 HSBC

17 Pret A Manger

18 The Alchemist

19 Iberica

20 The Oast House

21 Flannels

22 Thaikhun

23 Comptoir Libanais

24 Fazenda

25 Nicky Clarke

26 Phillip Stoner

27 Oliver Sweeney

28 Mulberry

29 David Wayman Flowers

30 Grand Pacific

31 Wahu

32 Emporio Armani

33 Australasia

34 Natwest

35 Nudo

36 Wagamama

37 Nando’s

38 Hey Little Cupcake

39 Neighbourhood

40 Waitrose

41 Manchester House

42 Costa Coffee

43 Artisan

44 Pure Gym

45 T. M. Lewin

46 Wh Smith

47 The Refinery

48 Up Fitness

49 XYZ Coffee

50 XYZ Events

51 The Pavilion

3 HARDMAN SQUARE

CIVIL JUSTICE CENTRE

XYZ

1 HARDMAN BOULEVARD

MANCAT

NCP CAR PARK

LEFT BANK APARTMENTS

LEFT BANK APARTMENTS

SUNLIGHTHOUSE

XYZART

STUDIO

TOWER 12

CROWN COURTS

MAGISTRATES COURT

3 HARDMAN STREET

VANTAGE POINT 2 HARDMAN

STREET

1 HARDMAN STREET

COUNTY COURT

1 BYROM PLACE

1 SPINNINGFIELDS SQUARE

1 THE AVENUE

OPERA HOUSE

QUAY STREET

NEW QUAY STREET

BRIDGE STREET

THE AVENUE

SPINNINGFIELDS SQ.

HARDMAN SQUARE

THE

AV

ENU

E /

NO

RTH

DEA

NS

GAT

E

CROWN SQUARE

BYR

OM

STR

EET

HARDMAN STREET

GARTSID

E STR

EET

LEFT

BANK

HARDMAN BOULEVARD

THE GARDEN

SALFORDCENTRAL

Quay Street Quay Street

Quay Street

Dea

nsga

te

GREAT JOHN STREET HOTEL

1

2

3

5

6

8

7

4

9 12 13

14

15 16

48

49

50

47

17

19

18

22

21

20

39

41

40

42

43

44

4546

23

24

26

25 28 30

27 29 31

35

37

38

36

34

33

32

10

11

51

SPINNINGFIELDS RETAIL/LEISURE OCCUPIERS


C U L T U R E


MANCHESTER

The population of Manchester is growing rapidly, putting

pressure on demand for housing across all tenures and all price

points. Demand is most pronounced for smaller households

and in particular, in the private rented sector.

Over the last ten years, the population of Manchester has

grown approximately 19% - the sharpest increase in population

in all cities outside of London. As can be seen from the graph

below – since 2001 there has only been one year in which the

population growth in Manchester was not higher than in the

rest of England.

FOOTBALL

The global brand of Manchester is driven by its 2 footballing

giants, Manchester United and Manchester City. Football

added approximately £330m to the Greater Manchester

economy in 2013. Much of this came from football tourism

with fans from abroad visiting and staying in the city.

TOURISM

Manchester is the UK’s second most visited city destination

and third most visited city destination by international visitors.

Manchester’s visitor economy continues to experience

sustained growth and is worth over £6.5 billion each year. This

is underpinned by a rapidly growing leisure market which has

almost monthly new restaurant arrivals, new hotel openings

and an impressive list of annual events. The Manchester leisure

market has been particularly strong with restaurant concepts

with the likes of the Corn Exchange, El Gato Negro and

Hawksmoor all recent openings. The city is now acknowledged

as the primary leisure location outside of London with an

increasing volume of ‘new to Manchester’ entrants attracted

on the back of its long term economic confidence and

buoyancy.

FACTORY

Factory is a ground breaking new arts and cultural

venue at the centre of St. John’s. The new home of

Manchester International Festival (MIF), Factory will offer

audiences the opportunity to enjoy the broadest range

of art forms and cultural experiences – including dance,

theatre, music, opera, visual arts, spoken word, popular

culture and innovative contemporary work incorporating

multiple media and technologies.


L I V I N G


Manchester is the largest and fastest growing economy

outside of London and forecasts for private sector

jobs growth is expected to continue to outstrip the national

rate of growth.

MANCHESTER HAS

SHARPEST INCREASE IN

POPULATION OUTSIDE

OF LONDON

Over the last ten years, the population of Manchester has

grown approximately 19% - the sharpest increase in population

in all cities outside of London. As can be seen from the graph

below – since 2001 there has only been one year in which the

population growth in Manchester was not higher than in the

rest of England.

There is a high volume of single and couple households in the

city, which is expected to continue to increase by 8,000 in the

next ten years. This is largely driven by the high (and growing)

volume of students and young professionals in the city.

There are over 60,000 students at Manchester’s two

universities and a further 16,000 in Salford. Of these, 21,000

students are living in private rented accommodation, adding to

the pressure on existing rental stock.

All of this has contributed to huge growth in the Private

Rented Sector (PRS) over the last ten years, at 85%; well in

excess of the growth across the rest of the North West (54%)

and the rest of the UK (51%). This equates to over 26,000 new

PRS households in Manchester over the last ten years.

3

2.5

2

1.5

1

0.5

0

20

02-0

3

20

08

-09

20

14-1

5

20

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-04

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-10

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-05

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10-1

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-06

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11-1

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-07

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02

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13-1

4

Source: ONS - Manchester: State of the City Report 2016

D E M A N D

F O R H O U S I N G

Private renters are predominantly young adults; 49% of all 25-

34 year olds in Manchester are currently private renters; nearly

25,000 households. These renters are also relatively affluent;

there are over 20,460 existing renters who earn over

£30,000 pa and a further 5,510 in Salford, totalling 25,970

private renters.

Average earnings of residents in Manchester are currently

£28,460 pa, but are considerably higher (14%) for those who

work in Manchester but reside outside the local authority area,

at £32,485 pa. This indicates that there are a considerable

volume of affluent workers who commute into the city

centre, but do not live there. This is largely due to a lack of

high quality/luxury housing in the centre. As such, there is a

‘leakage’ of affluent ‘would-be residents’ from the city centre,

which St. John’s wishes to address by providing appropriate

accommodation. The local government are keen to maintain

a vibrant mixed community in the centre, and the economic

stimuli that these more affluent residents would inject. This

sentiment is at the heart of the local government’s drive for

more good quality housing stock in the centre.

The population of the city centre has trebled since 2006 and

now stands at 25,000. The age profile of the city is changing.

The largest shift has been the increase in the 25 - 29 age

group, which has expanded by 51% between 2001 and 2011. As

such, Manchester has a young (adult) population. The average

age of a Manchester resident is 29 years old, compared with 39

years old nationally.

Manchester has the youngest average age (29) of any UK city

and the highest proportion of residents between the ages of

20 – 34 (33.8%). Just 13% of the city’s residents are older than

60 (national average: 22%). The Office for National Statistics

(ONS) suggest that Manchester City Centre’s population will

increase by 12% by 2036, compared to a 10% rise in the Greater

Manchester area.

The graph below indicates the disposable income of people

living in Manchester compared to those in the North West and

the rest of the UK. The gap between Manchester and the North

West/UK is set to widen.

140

135

130

125

120

115

110

105

100

95

90

20

02-0

3

20

08

-09

20

14-1

5

20

14-1

5

20

14-1

5

20

14-1

5

20

14-1

5

20

14-1

5

20

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-04

20

09

-10

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-05

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1O-1

1

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-06

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11-1

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-07

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3

20

01-

02

Ho

use

ho

ld D

isp

osa

ble

In

co

me

Source: Oxford Economics

20

07-0

8

20

13-1

4

UK HDI

North West HDI

Manchester HDIInternal shot of Allied London's landmark 52 storey residential tower


Building Rent (PCM)

1 bed 2 bed 3 bed

1Great

Northern

Tower

£1,050

£1,000

£895

£1,700

£1,650

£1,450

£4,350

2Beetham

Tower

£750

£795

£875

£995

£1,350

£1,450

£1,600

£3,750

3No1

Deansgate

£700

£825

£1,200

£1,750

£2,250

£2,200

£4,500

4 Leftbank

£950

£1,075

£900

£1,800

£1,250

£2,500

N/A

R E N T C O M P A R A B L E S

SPINNINGFIELDS

QUAY STREET

MOSI

MARKET STREET

MANCHESTER CENTRAL

TOWN HALL

PICCADILLY STATION

CASTLEFIELD

DEANSGATE STATION

DEANSGATE

LIVERPOOL ROAD

TRINITY ISLANDS

TRINITY ISLANDS

PICCADILLY GARDENS

1

4

2

VICTORIA STATION

SALFORD CENTRAL STATION

3


T H E H E A D L I N E S


The 36 storey residential towers, cast in bronze and silver,

will each provide 305 residential units in the heart of the

new St. John’s neighbourhood. The towers incorporate

uncompromised design principles for aspirational high-rise

city centre living.

The buildings will deliver unrivalled city views, open-plan

apartment layouts, efficient spatial arrangements and lifestyle

driven amenity spaces. A scheme designed for long-term

investment purposes with whole-life materials and finishes.

Nickel & Dime is designed to change perceptions, allowing

the choice of flexibility on how to live and where to invest

wealth and capital. It will provide unrivalled service where

accommodation and lifestyle needs are catered for, from

restaurant recommendations to changing a lightbulb.

Individual tower breakdown as follows:

T H E D E V E L O P M E N T

PRS Units No. of units GIA (per unit) NIA (per unit) Total Net Area

Tower 1 1-Bed 101 653 sq ft 482 sq ft 48,728 sq ft

Tower 1 2-Bed 201 971 sq ft 717 sq ft 144,161 sq ft

Tower 1 2-Bed PH 3 2,113 sq ft 1,561 sq ft 4,682 sq ft

Totals / Averages 305 877 sq ft 648 sq ft 197,571 sq ft

Car Parking - PRS Units No. of units

PRS Car Parking 70

Retail / Commercial Units No. of units NIA (per unit) Total Net Area

Retail Tower 1 1 6,103 sq ft 6,103 sq ft

Ancillary AreasGeneral Amenity

AreasPlant Resi.Lobby

NIA (sq.ft) 10,323 sq ft 4,779 sq ft 1,345 sq ft


Following a period of due diligence, forward funding

proposals will be sought from interested parties for

Nickel & Dime.

Selected parties will have the opportunity to meet with Allied

London before a preferred funder is chosen.

T I M E L I N E

Feb 2017Planning Determined

Feb 2017Investor Final

Proposals

Mar 2017Preferred Investor

Announcement /

Commence Detailed

Design

Oct 2017Commence

Construction

Q1 2020Practical Completion

/ Occupation


C O N T A C T

Arthur McCalmont

+44 20 7182 2567

Director, Residential Investment and

Advisory, London Team

Ian Walker

+44 20 7182 2131

Associate Director, Residential

Investment and Advisory, London Team

Alistair Chapman

+44 161 233 5697

Director, Residential Investment and

Advisory, Manchester Team

Chris Brett

+44 20 7182 2848

Executive Director, Head of

International Capital Markets UK

James Sidlow

+44 7534 978 654

Director, Living at St. John’s

London office

33 Cork Street

Mayfair

London

Manchester office

2nd floor

2 Atherton Street

HQ Building

Old Granada Studios

Manchester

M3 3GS


EAST & WEST TOWER / WATER STREET€¦ · the last decade has evolved to become home to over 165...

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