Ikea moves for Granada site
THE property development subsidiary of Inter IKEA Group has made a formal offer for the former Granada site in Manchester, according to PropertyWeek.com.
ITV is in exclusive talks with Landprop for the sale of its 13.5 acre Quay Street site, after negotiations collapsed with Chelsfield-backed Genr8 Developments.
The developer, which is also bringing forward StrandEast near to the Olympic Park in east London, is thought to be proposing a rented residential-led scheme with more than a 1,000 homes.
The site has consent for 1.2m sq ft of offices, 200,000 sq ft of retail, 895 homes and a 575-space car park.
Landprop is thought to have bid around £25m. ITV is looking for a cash payment rather than conditional bids or joint venture proposals.
Jones Lang LaSalle put the site up for sale earlier this year, ahead of ITV Granada’s relocation to MediaCityUK. The first phase of the move completed last month with only Coronation Street now left at the site. It is expected to move to a new set in Salford next year.
Greater Manchester Property Venture Fund, advised by GVA, and residential landlord Grainger both lodged interest in Quay Street, but did not bid as high as the shortlisted three, which were Landprop, Genr8, and a sustainable development company called The Bion Group.
