Joint venture partners Capital & Centric and Henry Boot Developments have agreed terms with the London-based investor to forward fund the £150m residential-led Kampus scheme in Manchester city centre.
The joint venture was selected as the preferred purchaser of Manchester Metropolitan University’s former Aytoun Street site in March 2014 and has since rebranded the scheme Kampus. The 2.3-acre plot currently has 250,000 sq ft of vacant space across seven university buildings.
Around 500 homes for the private rented market will be included in the development. The final scheme is expected to total 450,000 sq ft, with the current library building converted into offices, and the 1960s tower building and the Minshull and Minto & Turner warehouses could be used to house a hotel and apartments, but the full breakdown of uses has yet to be decided.
Lothbury Investment Management is an independent manager of property unit trusts, with £1.6bn of assets under management.
Previous investments in the North West include the purchase of a multi-let estate in Trafford Park from Harbert Management Corporation for £19.25m last summer. It is also the owner of Vantage Point, the 50,000 sq ft office in Spinningfields.