Manchester Quays, a joint venture between the city council and Allied London, has bought ITV’s 13.5-acre Quay Street complex for £26.5m.
MQL will redevelop the old Granada Studios into a mixed use scheme over the coming two years.
Planing permission will be applied for once the remaining ITV staff and the Coronation Street Production team move out to Media City next year.
The site has potential for more than 3m sq ft of development and is considered to be one of Manchester’s most important real estate projects.
The deal follows two previous attempts to sell the site – one to Genr8, which collapsed in March, and the other to Inter Ikea subsidiary Landprop, which fell through over the summer.
Allied London chief executive, Michael Ingall, said: “Our vision is to promote the creation of a completely new mixed-use quarter for Manchester City Centre, and produce a masterplan that integrates the established areas within the proposed new development. This area of the city is rich in heritage.”
Bob Dyson, chairman North West of Jones Lang LaSalle, which advised ITV, said: “This represents a good deal for Manchester and signifies a real step forward in the city centre’s on-going development. Allied London’s pedigree in the city, the site’s location close to Spinngfields, and the council’s role as both an enabler and advocate for regeneration, means their partnership is ideally placed to open up the next chapter in the area’s history.”
chris.berkin@estatesgazette.com
