‘Genr8 set to buy ITV Quay Street site’

A JOINT venture between Chelsfield and Manchester-based Genr8, is preferred bidder to buy ITV’s Quay Street site, one of Manchester’s largest mixed-use development opportunities, according to PropertyWeek.com.

Genr8 Developments – launched by three former Amec Developments directors – is thought to have entered exclusive talks to buy the 13.5 acre northern headquarters of ITV, which the broadcaster will vacate next summer in a relocation to Peel’s MediaCity.

The site is located between Spinningfields and Castlefields, and was put up for sale last year. The last element to move will be the set of Coronation Street.
Genr8, founded by former Amec chairman John Early, is thought to have offered more than £20m for the land and is believed to be in talks with backers from South-East Asia to complete an unconditional deal.

PropertyWeek.com revealed last week that ITV had shortlisted Genr8, The Bion Group, and InterIkea subsidiary Landprop, which has a large regeneration site in east London.

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.

The ITV site has consent for 1.2m sq ft of offices, 200,000 sq ft of retail, 895 homes and a 575-space car park.

Jones Lang LaSalle, which advises ITV, is thought to be looking to determine an agreement with an individual party by September.

All parties declined to comment.