Member Article

Urban Splash dash to buy Castlefield pub site

A former pub in Manchester which could be transformed into luxury flats is among several residential development sites acquired by regeneration specialist firm Urban Splash.

The Regiment pub sits among several other Urban Splash sites in the Castlefield area of the city, including the Albert Mill development.

The pub site was owned by Urban Splash until 2006 when it was sold to Crosby Homes and, ultimately, to Lend Lease. It comes with planning permission for the development of 44 apartments.

Urban Splash re-acquired the scheme in an off-market purchase for an undisclosed sum via private contacts in a deal completed in just ten days from the offer being accepted to legal completion.

Vaq Farooq of Shoosmiths represented the vendor while Julia Flattery at Eversheds represented Urban Splash.

Urban Splash director Nathan Cornish said: “We are delighted to have acquired these sites; it’s great that we are able to act so quickly in taking advantage of any opportunities the market can offer.”

The company has also recently completed purchases of other buildings totalling more than 20,000 sq ft of space including Phoenix Mill on Piercy Street in Ancoats, 97 Manchester Road in Altrincham and 36 Euston Road in Morecambe.

The collection of investment properties, which are already occupied by tenants including charities, William Hill Bookmakers, independent retailers and residential spaces, have been acquired on behalf of TBI 2000 Limited – one of the firm’s investment partners.

Nathan Cornish added: “These purchases represent Urban Splash’s desire and ability to acquire development and investment properties.

“It shows that we are able to act quickly and grow our investment portfolio which totals over one million sq ft and our pipeline of more than 2000 residential units. We are always pleased to see details of any new opportunity and can transact quickly and unconditionally.”

This was posted in Bdaily's Members' News section by Simon Malia .