Manchester buys former garage for £16m to support £550m regen
The city council’s acquisition of the Williams showroom on Upper Brook Street is aimed at ensuring the plot’s regeneration goes ahead as planned.
PAG remains firmly involved having secured planning permission to redevelop the site in 2024. The project will deliver 328,000 sq ft of life sciences workspace and almost 1,000 PBSA flats to be developed by Moda. McLaren and Kadans are redeveloping the site next door into a 737-bed student scheme and a 217,000 sq ft life sciences scheme.
Around 1,200 direct and indirect jobs could be created as a result of PAG’s development, which has a GDV of £550m, according to the developer.
PAG has negotiated an agreement for lease on the site with Manchester City Council, which has approved £16m of borrowing to acquire the land.
The expenditure was signed off at a full council meeting discussing the budget last Friday.
The city council’s acquisition is the second public sector intervention supporting the redevelopment of the site; the Greater Manchester Combined Authority has already committed £22.1m of patient equity to fund the first phase of the life sciences portion of the project.
Colliers advised Williams on the deal. Manchester City Council was contacted for comment.
Site’s already vacant and hoardings are up, we don’t mess around ⚡️
By Hans
Let’s face it, PAG have no interest in developing this site. They’d be best selling it on to a developer who can and have expertise in Life Sciences. Anyone know of someone?
By Anonymous
Ace. I’m a big fan of demolishing car dealerships for housing. Imagine how many flats you could fit on Williams’ wasteful plot next to the Trafford Centre.
By Anthony
This does not sound transparent. Why has Manchester Council bought the site and PAG are automatically lined up to develop the site? Surely the site needs to be marketed by the Council to the open market to obtain best value for the tax payers?!
By K Jenkins
Once again student flats generating no income for the council. They do not pay council tax but want services
By Melski
Interesting intervention by MCC, if PAG have Planning, why would you lease the site and not buy it? With the impending leasehold changes it does not make sense. Unless there is a consideration to protection of value through overage and performance payments or retain strategic control over delivery and use, but I still find it odd.
By Steve5839