Manchester developer attracts Premiership firepower
MANCHESTER developer Capital & Centric is teaming up with a clutch of Premiership footballers to bring forward development sites.
Liverpool players Luis Suarez, José Enrique Sanchez and Lucas Leiva and Arsenal duo Santi Cazorla and Mikel Arteta are investing in a new vehicle called Capital & Centric Investments which will develop primarily residential sites.
According to Estates Gazette £50m has been invested so far with the aim of developing a portfolio worth £250m, and healthy returns for the investors.
No sites have been acquired yet but the cash could be used at Manchester Metropolitan University’s former Aytoun Street campus where Capital & Centric is among a number of developers in the running to regenerate it as a mixed-use scheme.
Capital & Centric co-founder Tim Heatley said: “We do not comment on individual investors in our investment vehicles. We can confirm that having completed £30m of speculative development in the last two years and with £20m of property under construction, we’re beginning to focus some of our resources towards investment in private rented communities and residential development.”
Capital & Centric has speculatively developed several industrial schemes in Speke and is starting work at the former Littlewoods building on Edge Lane in Liverpool, as well as an office block revamp in Liverpool’s Tithebarn Street, and new industrial space in Ordsall, Salford.
The firm was founded in 2011 by ex-Modus director Mr Heatley and former Property Alliance Group executive Adam Higgins. It is based in Little Peter Street around the corner from the Jordan Street headquarters of property consultancy Zerum of which former Manchester United player is a director.
It was formed earlier this year by the merger of Red Property Services – founded by former Modus directors Mike Ralph and Anthony Kilbride – and Paul Devine’s Kings Associates, where Mr Neville was an investor.