Manchester is a step closer to opening a new tech hub for high-growth industry 4.0 companies after a £21m development at Manchester Science park reached practical completion.
Commercial property company Bruntwood SciTech said the Base development, part of its one million sq ft plan for Manchester Science Park, is undergoing final finishing touches before it welcomes businesses through its doors.
The five-storey, 91,000 sq ft building will provide office space, meeting rooms and a workshop for prototyping products. If required by a business Bruntwood SciTech can install a lab in the Base building.
“Our long-term vision for Manchester Science Park is one step closer as Base reaches its completion milestone. Base will play a significant role in supporting the growth of Manchester’s knowledge economy and will become a new specialist hub in the city, building on the region’s internationally recognised tech and manufacturing cluster,” said Bradley Topps, commercial director, Bruntwood SciTech.
The development is the latest sign of Manchester’s strength as a regional tech hub. Tech startups in Manchester, along with those in Leeds and Sheffield form the so-called “Northern Triangle”, have raised £1.3bn in the last five years.
Bruntwood SciTech is a joint partnership between Bruntwood and Legal & General. Construction on Base was led by Caddick Construction.
Ian Threadgold, managing director, Caddick Construction North West, said: “The team has greatly enjoyed working with Bruntwood SciTech on this exciting development to deliver the highest quality specialist space for tech businesses at Manchester Science Park.”
Funding for the building was underpinned by a £15.5m loan from the North West Evergreen Fund, which is overseen by CBRE’s Investment Advisory team, and a £4m grant from the Greater Manchester Combined Authority’s Getting Building Fund.
Bruntwood last week partnered up with investment bank GP Bullhound to form an angel investment network called Manchester Angels to provide capital to the region’s technology and life sciences startups.
The firm also contributed £5m to Manchester-based Praetura Ventures’ £20m life science startups fund in May.
Last month also saw Bruntwood acquire Glasgow’s Met Tower from Osborne & Co for £16.2m to turn it into a Glasgow tech and digital business hub.