Liverpool Property Developers Acquire Prime Manchester Site Backed By RBS
Liverpool-based property developers Ethel Austin Property Group and the Beetham Organization have acquired a development site for £3.3m in the heart of Manchester City Centre, after securing funding from The Royal Bank of Scotland (“RBS”).
The joint venture sees the companies acquire a 0.35 acre site on Deansgate, adjacent to Manchester’s landmark Beetham tower, which is presently the tallest building in the UK outside of London.
The site has planning permission for a 15 storey commercial development, comprising of office accommodation on the upper 12 floors and reception and parking facilities on the lower levels. Ethel Austin Property Group and the Beetham Organisation are considering a number of options for the site, one of which may include trying to obtain planning consent for a larger development.
Thanks to the close proximity of Deansgate railway station and the Metrolink stop at G-Mex the site benefits from excellent transport links. It stands next to the 554 ft Beetham tower, completed by the Beetham Organization in 2006, which houses the Hilton Hotel on the first 23 floors and private apartments on the next 24 floors.
Ethel Austin Property Group was established 37 years ago by the Austin family and has more than 1,000 properties under its ownership. These investments include high street shops, shopping centres, industrial estates, business parks and residential developments. The Beetham Organization is one of the UK’s leading developers of high-rise mixed use buildings. During the last three years the company has undertaken the development of 1.3 million sq ft of hotel, residential and office space in Liverpool. Manchester and Birmingham.
Andrew Lovelady, Financial Director for Ethel Austin Property Group, said:
“This is a prime city centre site that offers great potential thanks to its location and the surrounding infrastructure. Together with the Beetham Organization we are examining a number of different development options.”
Funding was provided by the RBS Corporate Property Finance team in Liverpool. Hugh MacDonald, Director of Property Finance, said:
“Ethel Austin Property Group and the Beetham Organization have already completed several successful joint ventures such as the Rope Walks scheme. I’m sure this latest project will follow suit and we are happy to support this venture.