Property Alliance Group (Alliance) in a joint venture (JV) with a private investment firm Starwood Capital Group has acquired a prime city centre site on Deansgate road, Manchester, UK.
The Renaissance Manchester site, which is located adjacent to Harvey Nichols, Selfridges and Manchester Cathedral, was purchased for an undisclosed amount from Urban & Civic.
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The prime city centre site currently comprises a 206-bedroom hotel, an office building and a car park.
The joint venture is now planning to redevelop the site into a £200m mixed-use venture, which will have a new hotel, office space, car park as well as residential units.
Regarding the JV, Alliance revealed that their main plan for the new project’s construction phase was to reduce waste and emissions.
Alliance managing director Alex Russell said: “We are delighted to announce the acquisition of the Renaissance Manchester site and our new partnership with Starwood Capital.
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By GlobalData“We are committed to helping make Manchester a zero-carbon city by 2038 and that will mean more environmentally-friendly construction practices across all our schemes, including the redevelopment of this site.
“We are developing a sustainable design and the majority of the existing building will be re-used or re-purposed.”
For the transaction, CBRE, a commercial real estate services and investment firm, has served as advisor for Starwood Capital and Alliance. Urban & Civic was advised by JLL and Savills on the sale.
Additionally, law firm Shoosmiths has advised the legal matters for Alliance, while law firm Paul Hastings acted for Starwood.
Starwood Capital vice-president Timothy Abram said: “We have made several major investments in Manchester over the past decade and, following on from these successes, we are excited to have another opportunity to invest in the city.
“The redevelopment of this prime site has the potential to generate many economic benefits for Manchester and we hope this will be the first of many investments made through our new joint venture with Alliance.”
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Property Alliance, Starwood JV acquires Renaissance Manchester site to build £200m mixed-used project in UK. (Credit: Jason Goh from Pixabay.)
