Manchester city centre car park sold for £12.95m

The multimillion-pound sale of a car park in Manchester city centre has completed, paving the way for a major residential scheme.Town Centre Securities has completed on the sale of its surface level car park at Port Street to Select Property Group for £12.95m.In July, Manchester City Council’s planning and highways committee approved a revised proposal to build 481 homes with two commercial units on the Port Street site.The original plans proposed a building rising up to 34 storeys high, but this was rejected by planners a month earlier due to it being ‘one storey taller’ than set out in the Piccadilly Basin Strategic Regeneration Framework.Applicant Manchester (Port Street) subsequently revised the scheme and had reduced the height to 33 storeys “to fully comply with the Piccadilly Basin SRF”.Minutes from Manchester’s planning and highways committee in July added officers therefore “could not present a potential reason for refusal”, adding the scheme was acceptable and should be approved.The plans were prepared by SimpsonHaugh Architects, with input from others, on behalf of Affinity Living, Select Property Group’s build-to-rent brand.A stock exchange statement from Town Centre Securities, a property investment, development, car park and hotel operator, said proceeds from the sale were used to repay bank borrowings.