Irwin Mitchell Advises On £71m Great Northern Warehouse Sale

Latest Deal Highlights Irwin Mitchell’s Leading Legal Role In North West Real Estate

16.10.2013

David Shirt, Press Officer | 0161 838 3094

The Manchester office of national law firm Irwin Mitchell has advised Resolution Property on its £71.1m acquisition of the Great Northern Warehouse.

The 339,000-sq-ft landmark leisure complex is one of Manchester’s most recognised buildings and is home to a range of high profile tenants including a multiplex cinema, lifestyle retail brands, bars and restaurants. It also has car parking for over 1,200 vehicles.

The grade 2-listed former railway goods warehouse was converted into its current use in 1996 and was put on the market in November 2012 by London-based Capital & Regional. Following the exchange of contracts, the sale to Resolution is expected to be completed towards the end of October.

Patrick Duffy, real estate partner at Irwin Mitchell’s Manchester office led the 10+ lawyer multi disciplinary team which in addition to pure real estate, included specialists from the firm’s corporate, tax, planning and construction teams.

Patrick said: "The Great Northern Warehouse is not only one of Manchester’s most iconic buildings, it is also a highly valuable asset with a solid range and mix of tenants. My client sees opportunities for developing the site further – something which it has done successfully in other parts of the UK including London."

Robert Wolstenholme, director at Resolution Property, said: "The Great Northern Warehouse is a strong regional asset which, as a result of some good letting activity, benefits from a healthy income stream from a diverse range of occupiers, including a number interesting independent operators who are breathing new life into the property.

"It fits well with our established asset management strategy and offers the opportunity for continued enhancement through additional lettings, potential reconfiguration and enhancement to the mix of uses. This follows a similar strategy to that used at our Soho, Shoreditch and Whitechapel assets in London.

"Manchester is the UK’s second largest city and one of its most dynamic and with our co-investor we aim to work on some exciting improvements to this strategically located asset in close partnership with Manchester City Council, which shares our ambition for the continued rejuvenation of this key quarter of the city centre."

This latest deal marks the second high profile transaction that Irwin Mitchell’s Manchester real estate team has been involved with recently. In addition to the Great Northern Warehouse acquisition, the team recently advised ITV on the multi-million pound sale of its former head office on Quay Street.

Anita Weightman, partner at Irwin Mitchell in Manchester, headed a 14 strong real estate team which moved to the firm in February 2013 from DLA Piper. She said:

"This is another high profile transaction for Manchester which we are delighted to have been involved with. It not only highlights the city’s ability to attract significant investment, it clearly illustrates our own capability and supports our aim for Irwin Mitchell to be recognised as the leading real estate legal adviser in the North West."