Realty to sell former Issa Quay scheme

REALTY Estates has appointed CBRE to sell the former Issa Quay apartment scheme on Dale Street, near Piccadilly station.

The building, which contains 85 apartments, was initially built by developer Bashar Issa, but he was declared bankrupt and his companies were placed into administration just as the scheme was being completed in 2009.

It was subsequently bought by Yousef Tishby’s Realty Estates for £5m, which completed the work and then let the building to serviced apartments operator MAX.

Shaun Skidmore, director of Specialist Markets at CBRE North West, said: “Serviced apartments have become a popular alternative to hotels during the last few years.”

He added that the market was widely predicted to outperform the hotels market and had experienced a 2% growth in occupancy outside of central London last year.

“The Dale Street scheme offers an exciting, long-term investment opportunity in the heart of the city centre,” said Skidmore.