Total Car Parks has leased an office and industrial site on Great Jackson Street, on the fringe of central Manchester, for use as a budget car park.
Landlord Combined Property Control will receive a rent of £24,000 a year for five years for the 20,000 sq ft site off Chester Road fronting the Mancunian Way.
The site currently comprises a single storey warehouse and first floor offices with service yard and parking. It had been proposed for residential development before the recession struck.
Julien Kenny-Levick, director of logistics and industrial at Colliers CRE Manchester, advising CPC, said: "The acquisition of this site marks the start of an ambitious drive by Total Car Parks to acquire budget car parking accommodation.
"Total is targeting sites earmarked for uses including residential development but that have been put on hold because of the recession."