Bidding closes for ITV site

The deadline for best bids for the prime 14 acres of land owned by the commercial broadcaster in the centre of Manchester closed at 5pm on Friday.

Among the names being linked with the development opportunity are Greater Manchester Property Venture Fund, Orbit Developments, Ikea Pension Fund, Bion Group and Genr8.

The sale is being handled by Adam White at Jones Lang LaSalle, who declined to comment on Friday.

Market rumour is that offers will come in at around £20m. As well as the size of the cheque, JLL will assess any conditions attached to the bids and any overage clauses to give ITV further payment if the site is later sold on again.

Plans for the regeneration of the site were endorsed in principle by Manchester Council's executive committee this year. The development framework for the site, written by Drivers Jonas Deloitte, includes up to 1m sq ft of office space, a prime residential district anchored by the conversion of the former Bonded Warehouse and extension to the existing St John Street district, envisioned as a new Harley Street of the North.

The development area includes the current Coronation Street set, the fate of which remains up in the air. A recent application for a heritage listing for the set failed. A new set is being built in Trafford.

Drivers Jonas Deloitte was assisted by EPR Architects, Jones Lang LaSalle, Waterman Boreham, Gardiner & Theobald and Buro Happold.

ITV is relocating to Media City UK, the Peel development in the Quays of Trafford and Salford.

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I have a feeling this will fly once a deal is done and overtake other fringe sites including First Street and Greengate

By Mush

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