Irwin Mitchell Advise ITV On Deal Expected To Lead To Entire Quay Street Site Being Redeveloped
By David Shirt
The redevelopment of the 13.5 acre site in Manchester city centre which was home to ITV Granada for almost 60 years, has taken a major step forward following the completion of a landmark deal between ITV and a joint venture involving Manchester City Council and Allied London.
The new joint venture, known as Manchester Quays (MQ), is expected to submit plans to develop over 1.1 million sq ft of commercial and residential space across the site within the next two years and has agreed to purchase the land once its plans are approved.
As part of the deal, MQ has also acquired the adjacent Gateway site on 88-100 Quay Street. This building was most recently occupied by TV and film equipment provider, ProVision Manchester.
ITV’s Property Director, Peter Copley, said: “With the majority of ITV’s business successfully migrated to Media City and the new Coronation Street set nearing completion, we are delighted to have completed the sale to a development partnership with such a strong record of delivery.”
Michael Ingall, Chief Executive at Allied London, said: “We have considered the future of the ITV estate on several occasions and our long standing relationship with ITV has enabled us to acquire what we believe to be an exceptional real estate opportunity. We have taken control of over 800,000 sq ft. of existing mixed use real estate with various options for future occupation. The estate extends to some 15 acres and has development potential of in excess of 3m sq ft., which we intend to bring forward in partnership with Manchester City Council.
“Our vision is to promote the creation of a completely new mixed-use quarter for Manchester City Centre, at the River Irwell, bounded by Quay Street and Liverpool Road, and produce a masterplan that integrates the established areas within the site with proposed new development. This area of the city is rich in heritage, history and character, and we intend to make sure this makes a valuable contribution to our thinking on design and development. We will seek to protect the heritage assets and ensure this whole area is developed in a holistic and sensitive way.
“Manchester has seen a number of high quality developments in the last cycle, which we will seek to match and exceed. At the heart of our plans is the intention to create a new sense of place and community.”
Claire Quinn from the Manchester office of law firm, Irwin Mitchell, led the team which advised ITV on the deal.
Claire Quinn, real estate partner at Irwin Mitchell in Manchester, said: “This is a significant real estate transaction for Manchester. The site not only houses what has been the iconic home of Coronation Street for the last 53 years, but the deal potentially also heralds the start of a major redevelopment project in the city centre. Allied London has a proven track record here in the city and it’s certainly encouraging to see the return of confidence for large scale regeneration projects.
“I am delighted to have been able to support our client, ITV, in this latest transaction and very pleased to have exchanged the deal within the agreed four week timetable.”
ITV Granada has been based at Quay Street since its first broadcast in 1956. It announced in December 2010 that it would move to MediaCity in Salford and the final phase of its relocation is due to take place in early 2014. The site was put up for sale earlier this year.
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