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Capital & Regional Takes Over Great Northern

LONDON-Capital & Regional has added to its portfolio of mixed-use retail and leisure schemes with the formation of a joint venture with AWG to take over the struggling Great Northern scheme in Manchester city centre.

By Graham Parker | Updated on June 03, 2003

LONDON-Retail and leisure asset manager Capital & Regional has formed a 50:50 joint venture with AWG to take over and manage the the Great Northern leisure and commercial development in central Manchester. Capital & Regional has invested £5m ($8 million) into the joint venture and will also manage the property which is valued at £72.5m ($120 million). Senior debt has been provided by the Bank of Scotland.

The scheme occupies a 12-acre island block at the heart of Manchester’s city centre leisure, pubs and conference area with frontages to Peters Street, Deansgate and Great Bridgewater Street. It is adjacent to the GMEX exhibition complex and Metro station.

Great Northern is a Grade II listed Victorian warehouse providing a mix of pubs, offices, leisure and retail accommodation, together with a new cinema building and an open public square. It provides a total of 371,657 sf , together with a 1,234 space car park, and is partly let generating a current net income of £4.8 million ($7.9 million) per annum.

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