The Royal Bank of Scotland has funded the acquisition by Ethel Austin Property Group and the Beetham Organisation of a development site in central Manchester for £3.3m.
The joint venture has bought a 0.35-acre site on Deansgate, next to Beetham's Hilton hotel and residential tower, from an undisclosed vendor.
The acquired site has planning permission for a 15-storey commercial development, with offices on the upper 12 floors and reception and parking facilities on the lower levels. Ethel Austin Property Group and the Beetham Organisation are considering a number of options for the site, one of which may include trying to obtain planning consent for a larger development.
Andrew Lovelady, financial director of Ethel Austin Property Group, said: "This is a prime city centre site that offers great potential thanks to its location and the surrounding infrastructure. Together with the Beetham Organisation we are examining a number of different development options."
Funding was provided by the RBS Corporate Property Finance team in Liverpool. Hugh MacDonald, director of property finance, said: "Ethel Austin Property Group and the Beetham Organisation have already completed several successful joint ventures such as the Rope Walks scheme. I'm sure this latest project will follow suit and we are happy to support this venture."