Downing Street Industrial Estate, AXA, p Google Earth snapshot

The site is located close to ID Manchester and Mayfield. Credit: Google Earth

TfGM fights off resi developers for prominent Manchester site 

Transport for Greater Manchester has acquired Downing Street Industrial Estate in Ardwick for around £15m, according to market sources. 

AXA IM put the 74,000 sq ft complex up for sale last year seeking offers of £11m.

The site is located between two of Manchester’s largest regeneration schemes – Mayfield and ID Manchester – and would lend itself to redevelopment into a high-density residential cluster, according to marketing materials.

The site could accommodate a 46-storey tower as part of an 818-home development, according to a massing study conducted by Matt Brook Architects.   

However, Place North West understands that the TfGM has fought off competition from residential developers with a bid significantly higher than the £11m asking price. 

A sale at asking price would have reflected a net initial yield of 4.27%, which is in line with other recent industrial sales, including Mileway’s £21m acquisition of the 141,000 sq ft Eagle Park in Warrington.   

However, the roughly £15m, TfGM has reportedly paid for Downing Street Industrial Estate reflects a NIY of close to 3%. 

It is unclear what TfGM plans to do with the site but it is understood the acquisition is related to the Bee Network.

TfGM was contacted for comment. AXA IM declined to comment.

CBRE advised AXA on the sale. JLL advised TfGM.

At present, the industrial scheme is home to Royal Mail, Speedy Asset Services, and Clear Channel. It generates a passing rent of £500,000 a year. Vacant possession could be achieved in early 2028. 

Your Comments

Read our comments policy

Interesting! A new bus terminal?

By Anonymous

Sensible long term strategic move by TfGM – critical bus infrastructure needs to be outside of the inner relief road. I hope this thinking and approach is being replicated on the western side of the city centre in Salford. A bus station somewhere along the Chapel Street corridor would be helpful to reducing the numbers of buses entering into the city core.

By Anonymous

Buses are very bad for the environment


Maybe this is where the coaches from Chorlton St are to end up.

By WayFay

@DH they are a lot better for the environment than cars though

By Anonymous

They know something about HS2 I bet.
I’m expecting the next Labour government to reinstate it.

By Peter Chapman

Re. Anon at 11.35. Why should buses entering the City Centre be reduced? Particularly with the move towards clean electric/hydrogen power, the argument – which MCC has been pursuing on and off for years – is mostly made by people who think buses are ugly, take up space for the few weeks a year when the weather is nice enough to sit outside and pretend to be in Barcelona, or get in the way of cyclists, who should have absolute priority on all roads.
Arguments for fewer buses into town are never made be actual bus users, and certainly not anyone with limited mobility.
And in that location, it’s more likely to be a small depot/layover point, along the lines of the closed Arriva one behind Piccadilly.

By Rotringer

IMHO, a bus terminal would be an inefficient land use for such a central site – looks like TGM going down the TFL route of becoming a developer.

By Will

Not in a practical location for a bus station, as doesn’t reach demand destination in city centre But suitable for a bus or future tram depot, or park and ride multistorey. It may just be generate revenue from rent for now.

By Albert

Is it to be a depot? Or a place where people get on and off. It is quite near to Piccadilly for Metrolink and Trains, so perhaps an Interchange.

By Elephant

One double decker bus can take 75 cars off the road

By Anonymous

Great site, right next to mayfield, ardwick and I’d with access onto manc way for logistics uses. Mobility hub /resi?!

By Bob Monkhouse

A great use of public money, massively over paying to purchase a site. Well done TfGM! Where was the scrutiny?

By Lee the Local

Most of European cities don’t have local bus stations in city centres (only coach stations). Continental buses usually pass through city centres and don’t start their journeys in a central place. It makes so much more sense as this limits the need for buses and bus stations to take the valuable space in city centres. Manchester should do the same and get rid of Piccadilly Gardens station. Why can’t we have a bus line from Middleton to Chorlton or Swinton to Longsight via city centre.

By Johnny

Related Articles

Sign up to receive the Place Daily Briefing

Join more than 13,000 property professionals and receive your free daily round-up of built environment news direct to your inbox


Join more than 13,000 property professionals and sign up to receive your free daily round-up of built environment news direct to your inbox.

By subscribing, you are agreeing to our Terms & Conditions and Privacy Policy.

"*" indicates required fields

Your Job Field*
Other regional Publications - select below