£300m vision for Great Northern Warehouse revealed

A PARTNERSHIP between a Hong Kong property company and a UK investor has revealed bold plans to expand and transform Manchester’s iconic Great Northern Warehouse.

Peterson Group has acquired the Grade II listed building for an undisclosed sum and plans to invest around £300m over the next seven to eight years to re-invent the Great Northern Warehouse as a world-class residential, commercial and leisure quarter for Manchester.

Peterson Group has taken full ownership of the site on the corner of Deansgate and Peter Street, having previously been a co-investor with former owner Resolution Property since 2013.

Click here to see some images of the site as it is now.

Peterson and London-based Trilogy Property plan to transform the existing 375,000 sq ft Great Northern Warehouse leisure development into a vibrant 780,000-sq-ft mixed-use quarter with retail, restaurants, offices, a cinema and residential property.

Tony Yeung, managing director of Peterson Group, said: “Peterson is looking to make a long term commitment to Manchester and its role as a Northern Powerhouse city, through our investment in the transformation of the Great Northern Warehouse.

“By creating a world-class destination for employment, leisure and high quality city centre living we believe we will enhance Manchester’s recognised competitiveness both nationally and internationally.

“The Great Northern Warehouse provides an opportunity to create a landmark in core Manchester that combines heritage and creativity.”

Robert Wolstenholme, managing director of Trilogy Property, added: “Our commitment to delivering this fully-funded project underlines our belief in Manchester’s prospects as a regional powerhouse economy in the context of the devolution agenda.

“The iconic buildings, the Deansgate address, great transport links and proximity to the city’s prime civic, office and hotel locations puts the Great Northern opportunity on a par with New York’s Soho or San Francisco’s South of Market district.”

Trilogy Property is a specialist in repositioning major property assets. Wolstenholme, while at Resolution Property, was a member of the team that delivered highly successful developments in London, like Alphabeta in Shoreditch and Ampersand in Soho.

Peterson and Trilogy are seeking approval from Manchester City Council to incorporate the new masterplan for the Great Northern site into the council’s own vision for the city centre as part of a Strategic Regeneration Framework agreement.

Great Northern Warehouse is currently home to a cinema, gym, the 235 Casino, All Star Lanes, several other bars and restaurants, retail and a business incubation hub.

It was constructed in 1898 and was built above the Manchester and Salford Junction Canal and there was originally a dock beneath the building to allow goods to be transported from the canal network to rail.

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