Genr8 Developments in funding difficulties

From The Business Desk

TALKS between ITV and regional developer Genr8 Developments over the sale of the Granada’s 14-acre Quay Street complex in Manchester have fallen through, according to PropertyWeek.com.
Last year Manchester-based Genr8 was the preferred bidder for the site, which is thought to be priced at around £25m, but funding difficulties have prevented a sale.

Now, talks with other bidders including Ikea subsidiary Landprop and sustainable developer The Bion Group are thought to have resumed.

ITV will complete its move to Peel’s MediaCityUK this summer. The site is located between Spinningfields and Castlefields, and was put up for sale in 2011 through Jones Lang LaSalle. The last element to move will be the set of Coronation Street.

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.

Granada Studios is one of the largest development opportunities in the city centre. A spokesperson for Genr8 could not be reached for comment.

This comes after Simon Danczuk MP for Rochdakle raised concerns of Genr8 credit rating

Millions could be wasted by the Council

Simon Danczuk MP said: “I have seen the Experian and Company Watch reports on Genr8 and they do not fill me with confidence. They raise serious questions about their ability to deliver for our town.”

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