LIVERPOOL property firms Beetham and Ethel Austin Property Group have joined forces to acquire a development site in Manchester city centre for £3.3m.
In a deal funded by the Royal Bank of Scotland, the companies have acquired a 0.35 acre site in Deansgate, next to Beetham Tower.
The site has planning permission for a 15-storey commercial development, of office accommodation on the upper 12 floors, with reception and parking on the lower levels.
Ethel Austin Property Group and the Beetham Organisation are considering a number of options for the site, one of which may include trying to obtain planning consent for a larger development.
Thanks to the close proximity of Deansgate railway station and the Metrolink stop at G-Mex, the site benefits from excellent transport links.
It stands next to the 554ft Beetham tower, completed by Beetham in 2006, which houses the Hilton Hotel on the first 23 floors and private apartments on the next 24.
Andrew Lovelady, financial director for Ethel Austin Property Group, said: “This is a prime city centre site that offers great potential thanks to its location and the surrounding infrastructure. Together with the Beetham Organisation, we are examining a number of different development options.”
Ethel Austin Property Group was established 37 years ago by the Austin family and owns more than 1,000 properties.
These investments include high street shops, shopping centres, industrial estates, business parks and residential developments.
The Beetham Organisation is one of the UK’s leading developers of high-rise mixed-use buildings. During the past three years, the company has developed 1.3m sq ft of hotel, residential and office space in Liverpool, Manchester and Birmingham.
Funding was provided by the RBS corporate property finance team in Liverpool. Hugh MacDonald, director of property finance, said: “Ethel Austin Property Group and the Beetham Organisation have already completed several successful joint ventures such as the Rope Walks scheme.
“I’m sure this latest project will follow suit and we are happy to support this venture.”
tonymcdonough
