Overhaul of Chorlton Precinct moves forward
The Greater Manchester Pension Fund is seeking a development partner to revamp the three-acre Barlow Moor Road site into a residential-led mixed-use scheme.
The redevelopment of Chorlton Cross Shopping Centre has been in the pipeline for more than a decade and now the GMPF is embarking on a fresh push to realise the site’s potential.
A development framework drawn up by 5plus Architects and Avison Young for Manchester City Council in 2017 suggests up to 190 homes – a mix of townhouses and apartments – could be created at the site.
The development framework indicates potential for 177,550 sq ft of residential accommodation and 21,520 sq ft of retail and leisure space.
At present, Chorlton Cross Shopping Centre comprises 34,600 sq ft of retail space split across 23 units, the 50,700 sq ft Graeme House office block, and a 200-space surface car park.
GMPF aims to dispose of the site via a development agreement, with Avison Young marketing the opportunity.
In addition, GMPF will provide the purchaser with 80% of the cash needed to fund the scheme. The buyer will front the remaining 20%.
GMPF will not charge interest on the loan but will be entitled to 50% of development profits, according to sales documents.
Bidders should express their interest by 7 March, while formal bids should be lodged by 31 March. A decision on a development partner is due to be made in May.
GMPF has owned the site since April 2014 when it bought it from Development Securities, now U+I, for £10m.
Prior to that, Altrincham-based developer Citybranch, along with Manchester City Council and Ask Developments, had aborted redevelopment plans in the 2009 recession and sold the site to Development Securities in 2011.