GMPVF buys in Chorlton
Property investor Development Securities has sold the Chorlton Cross Shopping Centre in Manchester for £10.1m to the Greater Manchester Property Venture Fund.
Development Securities acquired the shopping centre in late 2011 at a yield of 8.44% from Altrincham-based developer Citybranch. The centre contains 17 retail units, a surface car park and 50,000 sq ft office tower.
The Chorlton centre was acquired by DevSecs along with a mixed-use development in Manchester's Liverpool Road for £11.1m.
Citybranch, which is owned by the Gross family, had been planning to redevelop the 1970s shopping centre in partnership with Ask Developments and Manchester City Council. The plans were shelved in 2009 due to the recession.
The disposal was announced to the Stock Exchange alongside the sale of a site in Watford.
Matthew Weiner, director at Development Securities, said: "We are continuing to make good progress across our portfolio to execute our individual asset business plans and the announcement today further underlines our success in this regard.
"Both of these assets were acquired in 2011 and since then we have added considerable value through proactive asset management and enhancement."
GVA advised GMPVF.
…pro-active asset manangment? *spits tea* That’s code for increasing the car park cost and nothing else whatsoever.
Promise development, buy, do nothing, sweat it, sell at a profit, turn into chocolate, eat oneself.
Another disgusting developer with its snout in the public trough.
By Chorltonian
What are you talking about? GMPVF is Manchester City Council’s Pension Fund. They will bring forward the development now….
By Annie
This is what will happen. GMPVF will look for a partner and that will be Argent it always is. They will then plan to bring in Waitrose or Booths and knock down most of the existing buildings. The builder will be Carillion… You watch if I am wrong please accept my apology in advance. Moriarty will not be involved. Sherlock..
By Sherlock Holmes