Addleshaw Goddard has advised Bruntwood on the acquisition of the former BBC site on Oxford Road, Manchester from Realty Estates.
The strategic acquisition will see Bruntwood create a new community for business, science and innovation. The project will include 900,000 sq ft of commercial space, public open space, retail facilities, a hotel, car park and high quality residential accommodation.
AG's Real Estate, Corporate and Tax teams advised on the transaction. The team was led by Corporate Partner Michael Birchall and Real Estate Partner Stephen Kinsey and included Shelley McGivern, Oliver Hincks and Justine Delroy.
The deal also represents another significant step in the growth of Manchester’s Innovation District; Corridor Manchester, where >£1.25bn has been invested in the last 10 years and a further £1.25bn is planned and committed in the next 6 years.
Michael Birchall at Addleshaw Goddard stated: "This acquisition is great news for Bruntwood and the city, and another milestone in our long standing relationship with Bruntwood. It will facilitate the continued development of Corridor Manchester as a world class centre for science, technology and innovation businesses."
This is the third significant project on which the AG team has advised Bruntwood this year, having advised the property business on its disposal of Overseas House in Manchester City Centre – dubbed the 'Corner Block' - and also on the deal with M&L Hospitality Group to develop a 19-storey hotel at the Manchester Business School.