Tri7 buys £16m Manchester tower site out of administration

Real estate investment and asset management firm Tri7 has acquired a site in Manchester out of administration for £16m. The site at 10-12 Whitworth Street West currently has consent for a 35-storey tower consisting of 327 homes, set in a vacant site in Manchester city centre. The project is known as Vision Manchester, as is the special purpose vehicle set up to deliver it. Administrators for the business were appointed earlier this year. The joint administrators for Vision Manchester, Michael Wellard and Nigel Sinclair of RBW Restructuring, sold the site on behalf of lenders Octopus Real Estate. The scheme has been purchased in line with Tri7’s strategy of city centre regeneration and adds to the company’s portfolio of bed-led, long-term development opportunities. Samuel Castle, partner at Tri7, said: “10-12 Whitworth Street West is in a prime location for new homes in the heart of Manchester city centre, and yet has remained vacant for years as a succession of developers and investors have been unable to make it viable. “As an opportunistic investor with a bed-led strategy, and an asset manager adept at unlocking complex planning challenges, we are looking forward to continuing to work closely with Manchester City Council and the community as a whole to transform this vacant site into new homes and a contributing part of Manchester’s economy.” See occupational sale comparables in Manchester >>