Yousef Tishbi’s Realty Estates has instructed Deloitte to find a development and investment partner for UX, a proposed £400m mixed-use scheme at one of Manchester city centre’s last vacant development sites.
A planning application is due to be submitted during the first half of next year for 1,000 PRS flats, two hotels, 200,000 sq ft of offices and a multi-storey carpark. Realty said it was considering various partnership models and expected to select a partner or partners next year.
The company’s strategy is to buy land, prepare it for development with planning, and then either build, asset manage and retain for future development or sell to another developer and reinvest in another project.
UX is on the former Boddingtons Brewery site, which has long been subject to development plans. A joint venture with Ask Real Estate to develop the site was terminated in 2012 after Tishbi bought out the developer.
Realty has a history of holding on to prime development sites with planning until it can sell at the right price. Previous examples include the BBC Oxford Road site and Gateway House next to Piccadilly Station.
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