Property firm sells first phase of east Manchester shopping centre
Dransfield Properties Ltd has completed the sale of part of the Lime Square shopping centre in east Manchester.
Lime Square on Ashton Old Road in Openshaw was built out in several phases and is anchored by a Morrisons store which opened in 2010 in the first phase of the busy district centre development.
A long lease hold interest of the Morrisons store and Range outlet as well as the McDonalds drive through restaurant at the centre have now been sold for £24.7m to a client of Knight Frank Investment Management (KFIM).
Dransfield Properties will continue to retain the head leases and will also continue to manage the centre through the company’s in house management company GVFM, based in Sheffield, south Yorkshire.
Other tenants at the centre include Costa Coffee, The Gym Group, Greggs, Wynsors and B&M Stores.
Simon Bland, Head of Investment at Mason Owen Property Consultants acted for Dransfield Properties. Matthew Clarke, Partner at Lewis & Partners. acted for KFIM.
Full Service Law Firm JMW LLP advised Dransfield Properties on the sale and CMS Cameron McKenna Nabarro Olswang LLP represented KFIM.
Managing Director of Dransfield Properties, Mark Dransfield, said: “The sale of this part of the Lime Square development will allow us to invest and move forward with a number of exciting new town centre projects the company is currently working on.
“We have always been extremely proud of our work and commitment to east Manchester and that will continue.”
Dransfield Properties has just exchanged contracts to purchase the Merrywalks Centre in Stroud town centre and later this year will start work on an office, leisure and retail development neighbouring the Advanced Manufacturing Park at Waverley in Rotherham.
To find out more about Dransfield Properties visit www.dransfield.co.uk
For further information, contact:-
Public Relations Department, Dransfield Properties Ltd
Tel: 01226 360644