Specialist UK real estate investor Tri7 has taken ownership of a stalled development site in Manchester city centre, marking a significant step towards revitalising a vacant plot in a prime location.
The firm, known for its value-add investment and asset management expertise, acquired the site at 10-12 Whitworth Street West for approximately £16 million from Vision Manchester Limited. The acquisition comes after Vision entered administration earlier this year, unable to fulfil its loan obligations.
The site currently holds planning permission for a 35-storey tower comprising 327 private residential apartments. However, Tri7 plans to engage with local stakeholders, including Manchester City Council, to explore alternative uses that could better serve the community.
These options might include Build to Rent, purpose-built student accommodation (PBSA), or a combination of residential uses. This collaborative approach aims to ensure the site's productive use and contribute positively to Manchester's thriving urban landscape.
Samuel Castle, partner at Tri7, stated: â10-12 Whitworth Street West occupies a prime location for new homes in the heart of Manchester city centre, yet it has remained vacant for several years. As an opportunistic investor with a focus on bed-led projects, and a skilled asset manager in overcoming planning hurdles, we are eager to collaborate with Manchester City Council and the wider community to transform this vacant site into new homes and a valuable asset to the local economy.â
The acquisition aligns with Tri7's strategic focus on city centre regeneration and complements their existing portfolio of bed-led, long-term development opportunities.
The firm possesses extensive experience in delivering and managing a diverse range of real estate assets, including Build to Rent, PBSA, office, retail, leisure, and logistics properties. They prioritize bed-led regeneration projects in town and city centres with Russell Group universities, contributing to vibrant and sustainable urban environments.
The acquisition of the Whitworth Street West site signifies Tri7's commitment to revitalising Manchester's city centre and creating thriving, mixed-use developments that benefit the local community and economy.
