English Cities Fund (ECf) has agreed a pre-let to National Car Parks (NCP) on a second multi-storey car park at New Bailey on a 35-year lease.
ECf is a joint venture between Muse Developments, Legal and General and Homes England.
The nine-storey development will bring 633 additional parking spaces to the area and will be delivered by Morgan Sindall, which has been appointed as the preferred contractor.
Following the completion of the first New Bailey car park in 2014, demand for parking has continued to grow, largely due to the regeneration and expansion of the New Bailey and Chapel Street areas, and the subsequent increased footfall.
The car park has been designed by AHR architects.
Phil Mayall, development director at ECf, said: “The addition of a second car park is key to the New Bailey masterplan and we’re delighted to once again be working with NCP to help bring that forward.
“Since the completion of One New Bailey especially, the current car park at New Bailey is full every day. And with more office and residential developments planned for the area, we need to ensure that ample parking is available for those wishing to drive into the city.
“Of course, investment in local infrastructure, such as the Ordsall Chord, is assisting in making public transport connections to New Bailey easier but driving is still an important commuter option for many, so we need to provide options”
Adam Robson, head of property development at NCP commented: “NCP is delighted to have agreed terms on our second multi-storey car park within the New Bailey development. With ECf having secured key tenants such as Freshfields Bruckhaus Deringer, and in negotiations with other key tenants, we hope to build on the success of our existing multi-storey car park within the ever-expanding estate.
“With a mix of residential, business and visiting customers, we are very proud to have secured this new car park that will serve the needs of the local community and includes all of the latest parking technologies that make our customers’ journeys easier.”
Salford City Mayor, Paul Dennett, said: “This new car park will provide much needed space as demand grows with businesses and people wanting to move into the city.
“It is all part of our plan to create growth in the city with long term employment opportunities. This brings in more business rates and generates a positive cash flow return to the council for investment in frontline services at a time of austerity.”
Work has started on site and is due for completion in December.