TH Real Estate sells Manchester retail park in city centre’s ‘largest ever’ resi land purchase

Property investor TH Real Estate has sold Manchester’s Central Retail Park in what is believed to be the biggest ever residential land purchase in the city centre.

The 162,804 sq ft retail park in Great Ancoats, bought by TH Real Estate in 2001, was purchased by Manchester City Council for an undisclosed sum.

Two years ago, TH Real Estate instructed commercial property services firm CBRE to help secure a buyer for the southeastern half of the site for residential development.

Negotiations in 2017 led to TH Real Estate and its advisors reaching an agreement with the City Council that will enable the authority to bring the development forward.

TH Real Estate fund manager Jamie Johnson said: “The sale of Central Retail Park is in line with our Fund’s strategic objectives to focus on strong performing retail assets.

“We are pleased to have secured a deal with the council that will greatly benefit the city. We remain committed to Manchester and will now focus our efforts and investment on Manchester Fort Shopping Park to ensure this remains one of the UK’s leading fashion parks.”

John Dunlop, director for the National Land and Development team in Manchester, commented: “We are delighted to confirm Manchester’s largest ever residential land purchase.

“The sale is the culmination of over two years of intensive work by CBRE and the wider client team. The instruction has changed and developed constantly through its lifecycle, including part sale, sale of the whole, lease renegotiation and valuation management.”

He added: “The outcome represents a positive result for all parties on one of the City’s most strategic sites.”