Urban Splash adds to investment portfolio

Urban Splash has announced four acquisitions in the North West, including a development site in Ellesmere Street, Manchester, with planning permission for 44 apartments.

The former Regiment pub site is near to other Urban Splash developments in the Castlefield area of Manchester. It was previously owned by Urban Splash until 2006 before it was bought by Crosby Homes, now known as Lend Lease.

Urban Splash reacquired the scheme in an off-market purchase for an undisclosed sum via private contacts.

Vaq Farooq of Shoosmiths represented the vendor while Julia Flattery at Eversheds represented Urban Splash.

The company has also recently completed purchases of other buildings totalling more than 20,000 sq ft including Phoenix Mill on Piercy Street in Ancoats, 97 Manchester Road in Altrincham and 36 Euston Road in Morecambe.

The collection of investment properties, which are occupied by charities, William Hill Bookmakers, independent retailers and residential tenants, have been acquired by Urban Splash on behalf of investment partner TBI 2000.

Nathan Cornish, director of Urban Splash, said: “We are delighted to have acquired these sites; it’s great that we are able to act so quickly in taking advantage of any opportunities the market can offer.

“These purchases represent Urban Splash’s desire and ability to acquire development and investment properties. It shows that we are able to act quickly and grow our investment portfolio which totals over 1m sq ft and our pipeline of more than 2000 residential units. We are always pleased to see details of any new opportunity and can transact quickly and unconditionally.”