Dev Secs plans Arena improvements
DEVELOPMENT Securities has said it is working on a number of asset management initiatives at Manchester Arena, including the refurbishment of vacant office space in the building and working with Network Rail on providing a new “front door” to the complex from a refurbished Victoria station.
The company also said that it is in the process of re-tendering the naming rights to the arena, after its previous sponsorship deal with the Manchester Evening News expired.
The update was provided in the company’s annual results, which show that it incurred a pre-tax loss of £10.2m in the 14 months to February 29 (2010: £2.6m profit). It also witnessed a £19.9m reduction in net asset value – £12m of which was due to impairments in property values.
In recent years, the company has “focussed our investments in areas of relative wealth, prosperity and hence liquidity within the UK”, including the South West, the South East and Manchester.
Other recent investments in Manchester include student block Ladybarn House in Fallowfield, which is currently full and where it is exploring the opportunity to add up to 30 more rooms.
It also bought the Chorlton Cross shopping centre in November 2011 for £9.0 million at a net initial yield of 8.1 per cent, and has already added £800,000 to its rental yield.
Development Securities said there is also “potential for future redevelopment or refurbishment” of Chorlton Cross.
