HBD makes Urban Splash’s City Court its latest buy
The developer has paid £5.8m for the Manchester business park, which comprises 27,000 sq ft of industrial space and is earmarked for redevelopment into a residential scheme.
HBD, previously Henry Boot Developments, bought City Court Trading Estate in Ancoats from joint-owners Urban Splash and Pears Group.
Located on a 1.3-acre plot off Poland Street, the industrial scheme comprises 13 units across three sheds and could be redeveloped to accommodate a 217-home scheme, according to a feasibility study carried out by architect SimpsonHaugh late last year.
HBD could create a 220,000 sq ft development featuring 23 townhouses, and a mix of one-, two-, and three-bedroom apartments, according to the study.
Tenants currently occupying the site include Sky, which has three years remaining on a lease of 7,000 sq ft, and Express Chef North, which occupies 6,000 sq ft across three units.
Avison Young and Colliers represented Urban Splash and Pears Group, and Edwards & Co represented HBD.
Adam Brady, executive director at HBD, said: “City Court was an ideal fit for HBD as we continue to build our investment portfolio – it’s in a great spot at the heart of the city’s popular Ancoats and New Cross Neighbourhoods and offers exciting redevelopment potential in the future.”
Dean Thompson, director and head of region at HBD, added: “It’s unusual to get the opportunity to acquire an industrial site in such close proximity to the city core and offers the chance to leverage our expertise to further improve the scheme.”
This latest deal follows HBD’s acquisition of Allied Business Centre in Lancashire, a 150, 000 sq ft industrial property purchased for £4.75m, and a prominent site in Birmingham’s Jewellery Quarter, now tipped for a £100m residential-led mixed-use scheme.