UK: Capital & Centric, backed by Ares Investment Management, has bought the Place Aparthotel near Manchester’s Piccadilly Station.
The company has reportedly submitted an application to refurbish the building, and will rebrand it as London Warehouse.
The project is the latest in a series of schemes by Capital & Centric in the Piccadilly area. The developer is working in partnership with Henry Boot Developments to deliver the £200m Kampus on Aytoun Street, also funded by Ares.
A planning application has been submitted to Manchester City Council by Archer Humphryes Architects, seeking permission for The Place to be refurbished and reconfigured to create 166 apartments, in a mix of studios, one-bedroom and two-bedroom units. There are currently 102 units in the warehouse, alongside a bar, reception and conference facilities.
Capital & Centric and Ares bought the hotel from Goldman Sachs and Greystar, who purchased the asset as part of a £290 million portfolio formerly owned by student accommodation provider Opal Group.
The property was understood to have been valued at around £30 million. It is unclear at this stage whether Capital & Centric intends to keep the property in use as an aparthotel or to convert it to a straight resi use.
capitalandcentric.com
www.theplaceaparthotel.com</p
