Agents pick most significant deals to end of October
Manchester Green, Styal Road, Manchester Airport
Type of Deal Office letting
Landlord Barwood
Tenant Chiesi
Size 18,643 sq ft (Building 5)
Terms 11-year lease
Value Undisclosed
Chosen by James Dickinson, director, Canning O’Neill (Manchester)
Supermarket, Great Homer Street, Liverpool
Type of deal Leasing
Vendor St Modwen
Tenant Sainsbury’s
Size 115,000 sq ft
Price Confidential
Chosen by Matt Kerrigan, partner, Hitchcock Wright & Partners (Liverpool)
In my opinion, the Sainsbury’s deal at Great Homer Street is one of the most important in Liverpool this year. The area, north of the city centre, is undergoing significant regeneration thanks to St Modwen’s Project Jennifer.
The Sainsbury’s deal will create vital employment in an area that was once a thriving shopping destination but, in recent years, has become run-down and deserted.
St Modwen has big plans to bring the area, including Scotland Road – the busiest road from the city centre to north Liverpool and beyond – back to life. For a supermarket of Sainsbury’s standing to sign up to the scheme is a huge vote of confidence. It’s also a shrewd move as Great Homer Street and Scotland Road enjoy a 10-minute catchment of 200,000 people, while Project Jennifer includes hundreds of ne w homes.
This is an exciting time for north Liverpool.
Novotel, Hanover Street, Liverpool
Type of deal Investment sale
Vendor Vellacott DKF, as administrators of Pedersen (Liverpool) Ltd and on behalf of Irish bank Nama
Purchaser Algonquin
Size 209 bedrooms
Price £13.2m
Chosen by Lesley Watmough, divisional director, Fleurets (Manchester)
Earlier in the summer, when Savills announced it had sold the 209-bedroom Novotel Hotel in Liverpool for £13.2m, Jean-Philippe Chomette, founder and CEO of Algonquin, was quoted as saying: “This new acquisition is in line with our focus to build our portfolio in high-growth regional markets of the UK.”
That is why I am highlighting this deal, because I think it provides further evidence that the outlook for the city’s leisure and hotel industry looks positive.
Some commentators say the Liverpool hotel market has changed more than in any other UK city, with 65% of rooms here opening since 2000 – 70% of them branded. Hoteliers have also experienced improving
trading conditions, with gross operating profits rising in the 12 months to June.
The fact that Savills reported competitive bidding, and achieved a price above the original guide of £12.3m, proves still further there is confidence in good-quality assets in regional markets such as Liverpool.
Manchester has the power
Greater Manchester won itself a landmark devolution agreement with central government – giving it a directly elected mayor, control over a £300m housing fund and more power over transport.
LFC scores away and at home
Liverpool Football Club secured its first London office, 5,600 sq ft in the Heal’s Building, WC1, from which it said it planned to administer its commercial growth. The deal followed hot on the heels of permissions awarded to expand its ground to 58,000 seats.
Stockport unveils co-star
Stockport council announced The Light Cinemas as its operating partner for an 80,000 sq ft leisure-led scheme in Bridgefield Street.
Allied gets set for St John’s
Allied London’s 13-acre St John’s Quarter, on the site of the former Granada Studios in Manchester, was given the green light by city councillors, leading to consultation on its plans for a 4m sq ft mix of offices, homes, leisure, hotels and cultural facilities.
Shed plans at Omega
Miller and KUC Properties submitted plans for the first manufacturing space at the Omega development in Warrington, comprising 200,000 sq ft of warehouse space and 20,000 sq ft of offices.
Final call for Blackpool
Balfour Beatty said it was closing Blackpool Airport, on which it has spent £16m since purchasing it in 2008. The move followed Jet2 Airline’s decision to reduce operations there.
EG gauges the trials and tribulations of the North West property market
