NEWS
Premier Inn development
18/02/2011
Heatons advise on Premier Inn development and sale
Press Release
Heatons advise on sale of Premier Inn site for Property Alliance Group
Lawyers at Manchester-based Heatons LLP have completed the forward funding and sale of the Property Alliance Group’s hotel development scheme in Piccadilly, Manchester city centre.
Following the successful planning application for an 11-storey, 193-bedroom hotel at the corner of Dale Street and Lena Street and its subsequent letting to Premier Inn, Property Alliance Group has secured an off-market forward funding deal with the British Steel Pension Fund for an undisclosed sum.
The hotel scheme was granted planning consent last month. It will be Premier Inn’s fourth operation in Manchester city centre and establishes its presence in the Piccadilly area.
Construction has commenced and is due for completion early 2012.
Nick Trowell, partner and head of real estate at Heatons LLP said of the deal:
“This was a great transaction to be involved with. This deal demonstrates that although the real estate market is generally slow, there is demand from the funds or the right type of investment.”
“There are still half-finished developments that stand abandoned in Manchester as a result of the recession. Like this one, with vision and a bit of nerve some of these sites have potential for exiting alternative uses.””
Nick Trowell worked with construction partner James Flynn and real estate team associate Simon Baxter at Heatons in completing the letting and sale.
BNP Paribas Real Estate represented British Steel Pension Fund and Whitaker Horton advised Property Alliance Group on the investment sale.
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