Roger Hannah & Co has recently represented an investment owner of premises adjacent to the A57(M) Mancunian Way within Manchester City Centre. The premises comprised two industrial units extending to circa 975 sq m (10,500 sq ft) and set on a site of 0.36 acres. The units were let to local businesses, in addition to which an income was derived from a number of high profile advertising hoardings.
The property is situated within the Mayfield Regeneration Scheme, which is being promoted by the Mayfield Partnership, a Joint Venture comprising London & Continental Railways, Manchester City Council and Transport for Greater Manchester.
The Mayfield area of the City has been identified for a £850m comprehensive mixed use development with the potential to deliver:
- 800,000 sq ft of new Grade A office space
- Up to 1,300 homes
- 350 hotel bedrooms
- Complementary retail, hospitality, entertainment and car parking
- A six acre city park centred along the River Medlock
(http://www.lcrhq.co.uk/current-projects/2013/09/05/manchester-mayfield)
Acting for the investment owner and one of the industrial occupiers, we were able to negotiate substantial compensation packages in advance of any compulsory purchase proceedings. In arriving at the level of compensation in respect to the Freehold ownership we had regard to the development potential of the site in the “no scheme world”.
For further information and advice, please contract our team.