Ikea under offer at ITV Manchester site

http://www.propertyweek.com/data/data-by-uk-region/north-west/ikea-under-offer-at-itv-manchester-site/5052621.article

The property development subsidiary of Inter IKEA Group has placed under offer ITV’s large site near Manchester city centre, PropertyWeek.com can reveal.

ITV is in exclusive talks with Landprop for the sale of its 13.5 acre Quay Street site in Manchester, after negotiations collapsed with Chelsfield-backed Genr8 Developments.

The developer, which is also bringing forward StrandEast near to the Olympic Park in east London, is thought to be proposing a rented residential-led scheme with more than a 1,000 homes.

The site has consent for 1.2m sq ft of offices, 200,000 sq ft of retail, 895 homes and a 575-space car park.

Landprop is thought to have bid around £25m for the site. ITV is looking for a cash payment rather than conditional bids or joint venture proposals.

Jones Lang LaSalle put the site up for sale earlier this year, ahead of a planned ITV relocation to MediaCity in the middle of 2013.

Greater Manchester Property Venture Fund, advised by GVA, and residential landlord Grainger both lodged interest in Quay Street, but did not bid as high as the shortlisted three, which were Landprop, Genr8, and a sustainable development company called The Bion Group.

Allied London and Urban Splash are believed to have considered a joint bid but other possible suitors, such as Hines, Muse, BAM Properties, Bruntwood and Delancey, are not thought to have bid.

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