Property Alliance Group has pre-sold the Premier Inn hotel development planned for Piccadilly, Manchester to the British Steel Pension Fund for an undisclosed sum.
Alliance was granted planning consent in November for an 11-storey, 193-bedroom hotel at the corner of Dale Street and Lena Street, having acquired the former Bashar Issa-owned site from the administrators.
The site will be Premier Inn's fourth operation in Manchester city centre and its first in the Piccadilly area. Construction is due for completion in early 2012. Stephenson Bell is the project architect.
BNP Paribas Real Estate represented British Steel Pension Fund and Whitaker Horton advised Alliance on the investment sale. Nick Trowell, real estate partner at Heatons LLP, led a team that gave legal advice to Alliance.