Property brothers secure £40m in new year deals

Rachael Tinniswood

Property investment brothers Aneel Mussarat and Nabeel Chowdery have agreed deals for their businesses worth £40m.

Mussarat's MCR Property Group has agreed a £37.5m funding deal with Investec Private Bank's structured property finance division for a residential development in Manchester which will provide 194 apartments.

The bank is assisting the group in its acquisition and development of the site, which is located at Hathersage Road, close to the university and hospital complexes.

MCR Property Group's current portfolio of property, including residential and commercial, is already said to be worth in excess of £600m.

Brother Chowdery's investment business Property Route, based in Altrincham, has sold its interest in St John's Chambers at the junction of St John's Street and Deansgate, Manchester, which currently homes Hobs Reprographics, MYS, Castlefield Clinics and Adams Taylor Solicitors.

While the sale price has not been disclosed, a recent valuation priced the property, which is in a gateway position leading to the proposed major development at the Granada Studios site further down Great John Street, at £3.5m.

WHR advised Property Route.

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