Singapore’s Rowsley backs Neville’s Stock project
GARY Neville and Ryan Giggs have struck a third deal with Singaporean investor Rowsley, this time to develop the Stock Exchange building in Manchester into a boutique hotel.
The former United pair, who have become active investors in the leisure and hospitality sectors, have owned the Grade II Iisted building since March 2013.
Rowsley has paid £3.2m for a 50% shareholding in Finestday, Neville and Gigg’ company which owns the Norfolk Street property.
In advance of development work starting in the new year, Neville and Giggs have allowed a number of homeless people to live in the empty building.
Rowsley, which is controlled by billionaire Peter Lim, has previously acquired 75% of Neville and Giggs’ businesses Hotel Football, Café Football, and GG Collections, and more recently it became the major stakeholder in the pair’s ambitious St Michael’s mixed-used development project around Bootle Street in the heart of Manchester’s city centre.
The new joint venture between Rowsley and Finestday aims to open the boutique hotel with restaurant and roof terrace in 2017.
Rowsley chief executive Lock Wai Han, said: “This is one of the most iconic buildings in Manchester and we are excited with its potential. The city is at the heart of the UK government’s Northern Powerhouse initiative to boost economic growth in north England and we expect our real estate and hotel investments to benefit from the increased business momentum that is already very visible.
“This acquisition is also in line with our strategy to develop and acquire good hotels in choice locations.”
Gary Neville added: “We’re very excited to be working on yet another project with the Rowsley team and look forward to strengthening this fantastic partnership. The Stock Exchange is a gem of a building and a big part of Manchester’s History. We have some exciting plans and can’t wait to implement them.”
FinestDay was advised by Manchester commercial law firm Kuits, who also advised on the St Michael’s development and Hotel football deals.
Rob Buckley, head of corporate and commercial at Kuits, added: “We are proud to act for Gary and Ryan as they continue to draw investment into the city.”
