Dev Sec sells Manchester scheme to owner occupier

  Development Securities has forward sold the office element of its CityPark scheme in central Manchester to owner occupier Peninsula Business Services.   Peninsula, which provides legal, HR and health and safety consultancy, will occupy the majority of the 147,000 sq ft office element of the scheme, where work begins this month.   The firm, currently based in New Bailey Street, will become the largest owner occupier in central Manchester.   Peter Done, managing director of Peninsula, said: “I believe it is going to be a landmark building which will add to the already existing portfolio of great new buildings that are being built within the city.”   Sir Howard Bernstein, chief executive of Manchester city council, added: “We are very pleased that Peninsula has decided to bring new jobs to Manchester, thus underpinning this part of the city centre as a location for major new office development.”   Earlier this year, Dev Sec sold the 250-bed hotel element of CityPark to Northern Irish investor WG Mitchell for £38m.   The sale price on the Peninsula deal is unconfirmed but the developer said it expects to recoup around £6m in profits from the combined CityPark land sales.   CityPark Manchester is the commercial element of Greenquarter, a 1,500-unit residential scheme developed by Crosby Homes.   Work on the office element is expected to be completed in 2009.   david.quinn@egi.co.uk