Tri7 has acquired a site in Manchester for around £16m from Vision Manchester Limited, who went into administration earlier this year after failing to service a loan agreement, allowing Tri7 to take on the stalled project.
The scheme has planning for private build-to-sell, but it is expected that Tri7 will engage with partners – including the council – to identify the most appropriate uses that will benefit the community and bring the site into productive use, which could include other residential uses such as PBSA.
The site at 10-12 Whitworth Street West currently has consent for a 35-storey tower consisting of 327 private residential apartments, set in a vacant site in the heart of Manchester city centre.
It is located a 10-minute walk from Manchester Piccadilly station, and within 5 minutes of Deansgate and Manchester Oxford Road. The asset is also a short distance from the University of Manchester and Manchester Metropolitan University.
Purchasing the site fits in with Tri7’s strategy of city centre regeneration and adds to the company’s portfolio of bed-led, long-term development opportunities.
With a focus on bed-led regeneration projects in town and city centres with Russell Group universities, the team has experience in delivering and asset managing PBSA, Build to Rent, office, retail, leisure and logistics real estate.
“10-12 Whitworth Street West is in a prime location for new homes in the heart of Manchester city centre, and yet has remained vacant for years as a succession of developers and investors have been unable to make it viable.
“As an opportunistic investor with a bed-led strategy, and an asset manager adept at unlocking complex planning challenges, we’re looking forward to continuing to work closely with Manchester City Council and the community as a whole to transform this vacant site into new homes and a contributing part of Manchester’s economy.”
Samuel Castle, Partner, Tri7
