Wed, 13 Mar 2013 | COMMERCIAL PROPERTY
The sale of Granada Studios in Manchester to development company Genr8, has fallen through after 12 months of talks.
Reports from the Manchester Evening News confirmed that funding issues were behind the collapse of the deal. However, problems with the blueprint for the redevelopment of the site, which was drawn-up by ITV and endorsed by Manchester Council, are also thought to have contributed to Genr8 pulling out, sources told the newspaper.
The plans confirmed that the site was suitable for around three million sq ft of mixed-use development and up to one million sq ft of new office development. However, the buyer was thought to have wanted the option to develop more apartments and student housing on the site.
A statement from ITV remarked: “We continue to talk to several parties about the future of our landholdings in Manchester.” It is understood that the broadcasting company is now back in discussions with the bidders who last year lost out to Genr8, to see if a new deal can be found for the commercial space.
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