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Manchester Developer Acquires Property for New Hotel and Serviced Offices

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Mon,23 Mar 2009 23:25 | Apartments & Offices News

Vision Developments, a Manchester-based developer, is currently on the verge of acquiring the Lloyds TSB Bank building on the corner of King Street and Cross Street in Manchester for £7m. The company is finalizing a deal to buy the 40,000 square foot property which could eventually be converted into a hotel and serviced offices.

The Lloyds TSB Bank building currently has two years remaining on the lease. The building is owned by Lasalle Investment Management and has been on the market for £9.5m. The property currently generates £675,000 a year in income and then tenants include Salisbury Hamer, Lloyds Private Banking and Abbey College. Vision Development is purchasing the building for less than £100 per square foot which is representative of the bottom of the market for a building on King Street.

Vision Development will be looking at using the building to create a mixed-use facility that will include a hotel and serviced office suite development. The company is also looking at several other buildings for developing a similar project near Barton Arcade, which the company also owns. Plans are underway to revamp the arcade and nearby connecting alley into new retail and leisure facilities.

The Lloyds TSB Bank building was opened in 1913 as the bank’s Manchester headquarters. It has a large banking hall in which the company plans a restaurant and a vault underground. It is a landmark building located in the heart of the city centre and the deal represents a 9 percent yield.

The building would mark the second property purchased by Vision Developments in Manchester. The company previously purchased the Invicta House on Atkinson Street in Spinningfields from Maple Grove Developments.

Vision Developments has an outstanding track record for delivering mixed use developments throughout the United Kingdom. Their properties consist of serviced office business centers, retail, leisure, and commercial facilities.

The company currently has another project underway in Liverpool which includes the development of a former office building to create 40,000 square feet of grade A serviced offices to let, together with the refurbishment of Crosshall Building and a former Welsh Calvinistic chapel to create a number of offices for sale. This 100,000 sq ft project will recast three interlinked buildings in the middle of Liverpool's' historic business district.

To inquire about office space availability in the UK, log onto Move and Stay at www.moveandstay.co.uk.