Private equity firm the Carlyle Group has formed a joint venture with Mark Glatman’s Abstract Land and Manchester developer Nikal to buy a site at Salford Quays for a £30m developmnent.
The 8.4-acre site was formerly owned by Colgate and includes offices and cleared development land.
It lies adjacent to Peel Holdings’ MediaCity site, where work is underway on new production facilities for the BBC.
The scheme could include offices, space for media uses and hotels.
Robert Hodges, managing director of The Carlyle Group, said: “This acquisition takes advantage of our strong equity base to deliver potential for long-term value through an opportunistic investment approach.
“We are strong believers in the future development of the Manchester area as a vibrant business centre and believe this site will benefit considerably from the regeneration and inward investment interest that is focusing on the Salford area.”
Mark Glatman, chief executive of Abstract added: “This site is incredibly prominent and well-located. The existing buildings will lend themselves well to the provision of highly competitive short-term accommodation and the site offers huge development potential in the longer term.”
The site is Carlyle’s second acquisition in Manchester following its purchase of 3 and 4 Piccadilly Place from Argent last year.
Canning O’ Neill and Cushman & Wakefield have been appointed as agents for the Salford scheme.
C&W also advised Colgate and is advising on the wider MediaCity development.
