Tishbi puts Issa flats up for sale
Yousef Tishbi's Realty Estates has appointed CBRE to sell its Dale Street apartment block, currently operated by Max Serviced Apartments on a 23-year lease.
The property contains 85 flats above a reception lobby, ground floor retail/leisure units and underground car parking. Max is a national hotel operator with properties in eight major towns and UK cities.
The building was partly developed by Bashar Issa before the scheme fell into administration in 2008. Tishbi acquired the site for £5m from administrators KPMG in 2010 and completed the development.
Shaun Skidmore, director of specialist markets at CBRE North West, said: "Serviced apartments have become a popular alternative to hotels during the last few years. The sector is widely reported to outperform the hotel sector. According to the Association of Serviced Apartment Providers, outside of central London achieved a 2% increase in overall occupancy, plus a 3% increase in rates during 2011.
"The hotel sector in Manchester has proven resilient and continues to perform well. The Dale Street scheme offers an exciting, long-term investment opportunity in the heart of the city centre."
