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Barclay brothers sell Manchester site
A joint venture between developer Frogmore and outgoing CIS
property director Geoffrey Hill, has acquired Universal House
for close to £10m. The scheme comprises approximately
280,000 sq ft (26,100 sq m) of warehouse and office space
in five buildings, with 680 car parking spaces, adjacent to
the railway line into Piccadilly station.
The
vendor’s company, Shop Direct Group, holds circa 50%
of the space on a five-year lease at just less than £800,000.
The lease is subject to two- and three-year options to break.
CIS comment
that the vacant space, 160,000 sq ft (14,865 sq m), will be
refurbished. Frogmore no doubt perceive redevelopment potential
in the site. “
BBC
Plans
As
has been widely broadcast, Auntie intends to cut 3,780 jobs,
outsource functions, and move 1700 staff from London to Manchester.
Relocated departments will include; sport, children’s
television, Radio 5 Live, media, research and development
and formal learning.
The move
is scheduled for 2010 and will involve a requirement for 500,000
sq ft (46,450 sq m) of office and studio accommodation. There
are only a limited number of property options available currently
for a requirement of this size. One option would be a redevelopment
of the 204,000 sq ft (18,950 sq m) BBC building on Oxford
Road. 700 staff are currently based there. Specialised space
for studios and production areas is however bespoke and might
not be able to be accommodated into office buildings. An alternative
is a new purpose built development. One option might be Quay
Street where Granada Studios are presently located.”
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