TH Real Estate, advised by CBRE, has sold Central Retail Park in Great Ancoats, Manchester to Manchester City Council (MCC), confirming the deal as the largest ever residential land purchase in Manchester City Centre and will be transformed into the growing Manchester Life venture, the housing project being backed by Manchester City’s owner.
TH Real Estate first acquired the long leasehold interest in the 162K sq ft retail park in 2001. In 2015 TH Real Estate instructed CBRE to assist in the disposal of the south eastern half of the retail park for residential development.
Following negotiations in 2017, TH Real Estate and its advisors were able to reach an agreement with Manchester City Council (MCC) that would ensure MCC were able to bring the development forward befitting such a key site in the city.
Jamie Johnson, Fund Manager at TH Real Estate, comments: “The sale of Central Retail Park is in line with our Fund’s strategic objectives to focus on strong performing retail assets. We are pleased to have secured a deal with the council that will greatly benefit the city. We remain committed to Manchester and will now focus our efforts and investment on Manchester Fort Shopping Park to ensure this remains one of the UK’s leading fashion parks.”
John Dunlop, Director for the National Land and Development team in Manchester, adds:
“We are delighted to confirm Manchester’s largest ever residential land purchase. The sale is the culmination of over two years of intensive work by CBRE and the wider client team. The instruction has changed and developed constantly through its lifecycle, including part sale, sale of the whole, lease renegotiation and valuation management. The outcome represents a positive result for all parties on one of the City’s most strategic sites.”