Manchester developers Capital Properties, started by Adam Higgins, and Tim Heatley's Centric Property Group have joined forces to form a joint venture company.
The decision to create Capital & Centric was made after both developers, who are well known in the property community, found they were competing on a number of sites so decided to meet earlier this year to pool resources and create a new company with a broader mix of projects and skills.
Higgins said: "Tim is somewhat of a public funding specialist and is used to working with public sector bodies in leveraging finance, we are looking at several further schemes involving public funding which will continue feeding the employment generating development. My background has tended to be more private sector retail based so joining the companies together creates a balance in terms of project mix and skills."
Heatley added: "The current market provides an opening for companies run by individuals with extensive experience but without the legacy of servicing debt within their portfolio, this provides a great opportunity for an agile developer such as Capital & Centric Plc."
Heatley originally trained as a lawyer before starting his development career with Modus Properties as a director in 2000 primarily driving the company's retail portfolio before setting up Centric Property Group early in 2009. He has delivered projects such as Crown Business Park in Rochdale and at Estuary Banks in Speke, both of which are on site.
Higgins' first development role started 16 years ago, working at Peel Holdings; and as a board director of Ask Developments before joining Manchester's Property Alliance Group before he set up retail specialist Capital Properties.
He has several food store led schemes underway including sites in North Wales and Lancashire.
Grant Thornton chartered accountants and Ward Hadaway solicitors advised on the merger.