Funding deal signed for final phase of Salford’s Embankment project

A forward funding agreement is set to deliver the final phase of Salford’s Embankment scheme.

Tristan Capital Partners and joint venture partners Ask Real Estate and the Richardson Family struck the deal with Salford City Council to develop 100 Embankment, the second of two new Grade A office buildings.

Located in the Greengate neighbourhood, the project will aim to establish a new corporate centre for the city.

100 Embankment will comprise 166,000 sq ft across nine storeys and sit alongside sister building 101 Embankment, headquarters of insurance group Swinton.

John Hughes, managing director of Manchester property firm Ask Real Estate, said: “Our commitment to working in collaboration with both our public and private sector partners has resulted in the creation of a new prominent location for business.”

The head of real estate at Richardson’s, Mark Morgan, commented: “We are delighted to be working with Ask Real Estate to deliver 100 Embankment which comes at a time when there is a real shortfall of Grade A office space in the city centre.”

Cameron Spry, senior partner and head of investments for Tristan, said of the development: “Our investment in this project began almost four years ago and its first phase has been a huge success thanks to the great location and strong demand from businesses.

“Salford City Council has been hugely supportive, recognising the development’s substantial contribution to regenerating this part of the city centre and bringing much-needed quality office space to the area.”

Salford City Mayor Paul Dennett commented: “Salford City Council is delighted to see 100 Embankment progress to its construction phase. We are an enterprising, innovative and commercially minded council and investment in new jobs for the city is a high priority.”

100 Embankment is due for completion in early 2020.

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