LGIM Real Assets (L&G) announces that is has submitted a planning application for the improvement of Piccadilly gardens.
17 Jul 2017
Its proposed £2M investment aims to transform the well-used public space and major City thoroughfare into a vibrant area that is more attractive and welcoming to families, while deterring anti-social behaviour.
The plans for Piccadilly Gardens have been developed in partnership with Manchester City Council to improve the public Gardens and create a new covered public realm, as part of the redevelopment plans for the Pavilion building which will provide space for family orientated restaurants and a new coffee shop.
The proposals have been widely publicised, including a well-attended public consultation which took place over two days in December 2016. People also had the opportunity to give their feedback online. A significant proportion of respondents welcomed the plans and the feedback has been considered when building the plans.
All of the feedback was then presented to the Council’s Executive Committee who gave the go-ahead for plans to be developed and a planning application to be submitted. The full planning application was submitted this week to the Council for determination by the planning committee in the coming months.
The plans include:
The plans will complement the investment which has already taken place in and around Piccadilly Gardens, including work the Council has carried out to bring the fountains back into use.
Sir Richard Leese, Leader of Manchester City Council, said: "Piccadilly Gardens is a major thoroughfare used by hundreds of thousands of people a week and for all the debate it generates it remains a well-used public space. Clearly, though, there is potential for improvement and we look to ensure that this is achieved to deliver a welcoming and attractive destination in its own right."
Bill Hughes, Head of LGIM Real Assets, said: “Through our partnership with Manchester City Council and our investment in Piccadilly Gardens our aim is to create a better-used and more welcoming public space.
“L&G has a longstanding track record of working with progressive local authorities to bring forward regeneration and improvements to social infrastructure projects. We see Piccadilly Gardens as a prime example of this kind of collaboration in action.”
The full planning application can be viewed on Manchester City Council’s planning portal http://www.manchester.gov.uk/planning/publicaccess by inserting the Planning Application Reference Number – 116923/FO/2017.
Photo caption: A CGI of the proposed Pavilion buildings, new covered public realm and gardens developed by L&G in conjunction with Manchester City Council
The proposals for the Pavilion and Gardens will be undertaken by L&G at their cost, which is estimated to be in excess of £10m of which £2m will be invested in public realm improvements. The value of the extra land required for the new Pavilion buildings is estimated at £1.3m which will be reinvested in the public realm improvements with L&G providing the remaining funding. L&G have a 250-year lease on the Pavilion building.
Notes to editors
Legal & General Investment Management Real Assets (LGIMRA) is a division of Legal & General Investment Management (LGIM), one of Europe’s largest institutional asset managers and a major global investor. LGIM manages £1.28tn in assets (as at 31 December 2020), working with a range of global clients, including pension schemes, sovereign wealth funds, fund distributors and retail investors.
LGIM Real Assets has assets under management of £36.3bn (as at 31 December 2020) and is one of the largest private markets investment managers in the UK. Investing in both debt and equity and across the risk/return spectrum, LGIM Real Assets actively invests in and manages assets across commercial, operational and residential property sectors, as well as infrastructure, real estate, corporate and alternative debt.
Taking a long term view in order to future proof our investments, LGIM Real Assets continues to lead the industry in ESG performance, considering all environmental, social and governance issues at asset level as well as portfolio level. In 2021, we are implementing a strategy as part of our commitment to net zero carbon emissions across the real estate equity business by 2050, and have also committed to measuring social value across 20% of our platform by the end of the year.
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