Plans for the redevelopment of ITV’s 13-acre Quay Street landholding in Manchester city centre have been endorsed by the council.
The development framework for the site includes up to 1.2m sq ft of offices, a prime residential district anchored by the conversion of a former bonded warehouse, and an extension of the existing St John Street district. St John Street contains several private medical occupiers, and its extension is envisaged as a new “Harley Street for the North”.
The broadcaster is also looking into the potential for a leisure attraction, including the famous Coronation Street set, which sits on the site.
ITV is aiming to sell the site through Jones Lang LaSalle, ahead of its relocation to Peel’s MediaCityUK at Salford Quays. The site will be officially marketed from 24 March.
It came close to selling it to hotelier Surinder Arora in 2008, but the sale fell through as the credit crunch took hold. Arora bid around £100m for the land, beating competition from Allied London, London & Regional, BNS Properties and a joint venture between Ask Developments and Lend Lease.
Peter Copley, property director at ITV, said: “ITV is strengthening its commitment to the region through its investment at MediaCityUK, but is also keen to leave a strong legacy in Manchester city centre. There’s an opportunity at Quay Street for a best-in-class regeneration project that extends already successful parts of the city centre and draws on the rich history and character of the site. We’re all excited about seeing these plans become a reality.”
Sir Richard Leese, leader of Manchester city council, said: “This is an exciting opportunity to build on the existing success of Manchester city centre, which is continuing to attract substantial development despite the challenging financial climate, and in particular nearby Spinningfields.”
Drivers Jonas Deloitte led the preparation of the development framework with a team including EPR Architects and Jones Lang LaSalle. JLL is agent for the scheme.
daniel.cunningham@estatesgazette.com
