JV seals sale-and-build deal with Worthingtons on Boddingtons site
Date: 09/07/2010
Source: SKV
Deansgate Securities Limited, a joint venture between Ask Developments Ltd and Realty Estates, has completed the forward sale to Marcus Worthington Properties Ltd of a development plot at the 7 acre former Boddingtons Brewery site to the north of Manchester’s city centre.
The developer has already agreed pre-let terms with Travelodge Hotels Ltd for a 200 bedroom hotel which will be taken on a 35 year lease.
The development will be undertaken by MWPL.
On behalf of Deansgate Securities Ltd, Alan Burke said; “We are delighted to have concluded the sale to MWPL, which reflects both parties’ willingness to think outside the box in a difficult funding marketplace.
“While the economy is still fragile and the property market remains subdued, it reflects a massive vote of confidence in the site, which is a stone’s throw from the highly successful MEN Arena and Manchester’s primary shopping area, the Arndale Centre.”The first budget hotel brand to launch in the UK, Travelodge now operates 380 hotels in Ireland, Spain and the UK. The company has ambitions to expand, with plans to operate 70,000 rooms by 2020 and to be the biggest hotel operator in London by the time of the 2012 Olympics.Russ Worthington, Director of MWPL, said; “We are delighted with the site acquisition and Travelodge pre-let. By working in Partnership with DSL we were able to secure planning and ensure scheme delivery. We look forward to working with DSL on other opportunities in the near future. Work has already started and we hope to complete at the start of Q3 2011”.
Ask and Realty Estates acquired the 7.4 acre site in 2006 with funding from HSBC. Architects are HKR in Manchester.