The Greater Manchester Property Venture Fund this morning confirmed its acquisition of the Island Site in Manchester, as revealed by EG early last month.
Cheshire-based Bluemantle, Dolphin Land and Reflect Property Developments were selling the 0.3-acre site through Jones Lang LaSalle with an asking price of £8.3m – a 7.5% yield.
The Island Site is made up of Grange House, 5 Ridgefield and Old Colony House in Manchester city centre, which together total 55,000 sq ft and provide a prime development site.
Aoife McEvoy, a director at GVA, which advises GMPVF, said: ‘The Island Site represents an exciting opportunity for GMPVF to redevelop these prominently located buildings. It is a great medium-term redevelopment opportunity that demonstrates GMPVF’s continued appetite for quality investment in the city centre. We look forward to progressing the proposals for the site over the coming months and will be appointing a design team in due course.”
The site has potential for as much as 100,000 sq ft of development, likely to be predominantly offices.
Cllr Kieran Quinn, chair of GMPVF and executive leader of Tameside Metropolitan borough council, added: “It’s a really exciting time for GMPVF, with the redevelopment of One St Peters Square underway, and most recently the Island Site acquisition. Both demonstrate the fund’s commitment to development projects in Manchester for the immediate and long term future.
“With a financial allocation of £300m to undertake direct development in the region, GMPVF is in a prime position to take advantage of the current economic climate and significantly expand its development portfolio. We will continue to seek such opportunities in the city centre and the wider North West region.”
samantha.mcclary@estatesgazette.com
