Retail and leisure asset manager Capital & Regional has formed a 50/50 joint venture with AWG to take over and manage the Great Northern leisure and commercial development in central Manchester.
Capital & Regional has invested£5 million into the venture and will also manage the property, which is valued at£72.5 million. The scheme occupies a 5 ha island block at the heart of Manchester's city centre, with frontages to Peters Street, Deansgate and Great Bridgewater Street.
The 34,500 sq m Grade II-listed Victorian warehouse provides office, leisure and retail space, together with a cinema and a public square.
It is partly let, generating a net income of£4.8 million a year.
Capital & Regional chief executive Martin Barber said: 'We are very pleased that AWG has chosen us as their partner. We believe this represents an opportunity to transform the complex into a major leisure destination for Manchester.'
Insignia Richard Ellis is letting agent.
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