The ongoing regeneration of east Manchester’s historic Ancoats has taken a major step forward this week with the announcement that the Northwest Regional Development Agency (NWDA) has instructed national commercial property consultancy Lambert Smith Hampton (LSH) to take to the market for sale the key development site, known as Jactin House.

LSH will be seeking expressions of interest from developers to purchase the 40,000 sq ft character building, which occupies a prominent location in the heart of Ancoats and has retained many of its period features.

Andrew Aherne, Director at LSH Manchester, believes the instruction marks an important milestone in Ancoats’ property strategy.  "This is a fantastic development opportunity, which is suitable for a variety of commercial uses,” he said.

“The release of this site follows the recent completion of a comprehensive refurbishment of the street scene in the area, which creates a unique, high-quality environment.  It is the first site to be released for redevelopment in quite some time and, as such, will benefit from public sector support.  With the unique feel of the urban village and very little competition in the surrounding area, we expect it to draw interest from a wide range of potential developers.”

Steven Broomhead, Chief Executive of the NWDA, said: "Not only is Jactin House a wonderful building it is a great opportunity for the right developer. Over the last few years we have worked hard to preserve Jactin House and now it is the right time for some innovative proposals to secure its economic future.”

Ancoats has benefited from significant investment in infrastructure and public realm in recent years, including new roads and pavements, and the new Cutting Room public square.  The £69m project, which began back in 2001, has already had a positive impact on the area, with the scheme winning numerous awards, including most recently the Landscape Institute’s Urban Design and Master Planning Award in 2009.

Steve Thorncroft, deputy chief executive of New East Manchester, said: “Ancoats has undergone a tremendous transformation over the past decade and Jactin House is just one of many exciting regeneration opportunities that we hope to make available in the coming months.  The recent completion of the public realm works have dramatically enhanced the local environment, and brought renewed interest in this important part of east Manchester.” 

LSH will play a key role in delivering a revitalised Ancoats over the coming months, with the firm having been instructed to advise the NWDA on the disposal of property assets worth over £8m.

In addition to Jactin House, LSH has been instructed to market three self-contained office buildings, located on Blossom Street, Radium Street and Loom Street and totalling 10,592 sq ft, as part of the first phase of the disposal strategy.

LSH’s Office Agents are already reporting strong interest in three properties, which are available for purchase or on occupational lease terms with immediate occupation.

Mark Bamber, Associate Director in LSH’s Office Agency team, added: “The high interest we have received in these properties, with offers already made on two, in such a short space of time is a positive reflection of the significant investment the NWDA has made in the area over the past decade.

“Despite this progress, Ancoats’ remains largely untapped as an office destination.  However, we believe that the time is now right to deliver a vibrant, mixed-use Ancoats, for the benefit of all those who work, live and visit here.”

Broomhead concluded: "The redevelopment of Jactin House, along with these three other properties, is an important step forward in the continuing revitalisation of Ancoats."