Tishbi prepares Boddingtons for sale
Realty Estates is expected to sell the seven-acre former Boddingtons brewery in Manchester if it succeeds in gaining planning permission for 1,000 private rented residential units on the site.
At the same time as submitting plans for new residential towers, Yousef Tishbi’s investment vehicle submitted plans to extend use of the site as an 850-space surface car park for another five years. The current two-year permission expires on 10 March 2016.
Boddingtons has long been the subject of development proposals which have largely come to nothing. A parcel of land was sold to Worthington Properties and developed as a hotel, which opened in 2010.
On Friday, Realty launched the latest proposal for Boddingtons under the brand UX Manchester and submitted the planning applications.
The marketing material for the latest Realty vision said: “The UX Manchester concept will deliver a unique User Experience, providing connected workspace, modern amenities and high quality residential accommodation. UX Manchester’s location at a strategic point in the city, adjacent to Victoria Station and Manchester Arena on the Manchester inner ring road, makes it an ideal location for commercial development.”
The planning application also describes 200,000 sq ft of office space and 80,000 sq ft of other commercial uses including retail and leisure.
Realty specialises in holding prime assets such as the former BBC Oxford Road site and Gateway House next to Piccadilly station until values reach a point that convinces Tishbi to sell.
Gateway was sold to LaSalle in June 2014. LaSalle is now redeveloping the landmark into an aparthotel, above retail and leisure.
On Oxford Road, Bruntwood and Select acquired the former BBC broadcasting base and are now on site with an office and residential project, under the brand Circle Square.
Yousef Tishbi, CEO of Realty Estates, said: “With Manchester city centre exhibiting strong demand for both quality PRS and well-connected commercial premises, UX Manchester will provide an ideal home for ambitious businesses and the growing young professional community.
“The site brings a huge potential for a landmark PRS scheme, which will be centrally managed to redefine city centre living. Our vision is to provide shared on-site amenities, including a gym, high-quality socialising spaces and additional retail and leisure units.
“UX Manchester also has the potential to deliver a variety of commercial space, from large office floorplates to smaller suites to suit both small and large scale businesses, each able to benefit from a unique User Experience.”
Deloitte Real Estate is advising Realty Estates on UX Manchester, supported by WHR and Savills. AHR is the architect on the scheme.