Developer’s city centre challenge

Jan 30 2008 by Tony McDonough, Liverpool Daily Post

LIVERPOOL developer UK Land & Property has made its first major commercial acquisition in Manchester.

The company has bought 76-80, King Street, a 41,355 sq ft mixed-use development in the city’s central business district, for an undisclosed sum in a deal financed by Bank of Scotland.

Acquired from Scottish Widows, the Grade II listed building was designed by the Victorian architect of Manchester Town Hall, Alfred Waterhouse, and dates from between 1888 and 1896.

The property comprises retail premises on the ground and basement levels, and office accommodation on the upper four floors, which is occupied by law firm Halliwells.

High-end fashion retailer Belstaff occupies the retail unit fronting King Street and Essex Street, with DKNY occupying the adjoining unit.

Ian Sherry, development director of UK Land, said: “76-80 King Street marks our first significant office acquisition in Manchester city centre and, since the recent opening of our Manchester office, is a further demonstration of our confidence in the North West’s commercial property sector.

“The building’s prime location made the acquisition attractive, despite the difficult market conditions.”

Paul Devenport, director for Bank of Scotland Corporate Real Estate, added: “Our involvement in the project offers us an excellent opportunity to build on our existing relationship with UK Land & Property.”

tonymcdonough