Crosby Homes is paying £5m for just under 0.2ha (0.5 acres) opposite Granada Television’s studios in Manchester.
The deal breaks the city’s land price record set by Nicholson Estates, which paid Morrison Merlin £3.8m for the 0.13ha (0.33 acre) Great Northern Tower site in February.
Crosby is understood to be negotiating a lockout agreement with vendor Liverpool Victoria for the land at the corner of Quay Street and Byron Street, which has lain vacant for 20 years.
Details of what Crosby proposes for the site have yet to be released, but it is likely to incorporate commercial space on the ground floor to boost the scheme’s value.
The deal is another reason for local office agents’ concern at the impact of the city’s booming residential market on the office sector. Dunlop Heywood’s Peter Gallagher said: “This is another deal that will decrease the supply of offices in the city, which will eventually lead to higher office rents.”
Knight Frank advised Crosby.
EGi News 06/04/00
