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Developer on verge of buying Manchester property for £7m
23/03/2009
A developer is in the process of finalising a deal under which it will acquire a Manchester property for £7 million.
Vision Developments is looking to purchase the Lloyds TSB Bank building on the corner of King Street and Cross Street in Manchester, Crain's Manchester Business reports.
The firm has said that if the deal goes ahead, it may turn the 40,000 sq ft space into a hotel or serviced offices.
Speaking at a recent a Young Experts in Property event in the city, Vision Developments leader Stephen Cliff said: "I'm still pinching myself that I can buy a building on King Street for less than £100 per sq ft.
"We think we're pretty much at the bottom of the market which is why we are looking to buy."
The £7 million price tag represents a fall from the previous asking price of £9.5 million.
Currently, the building is owned by Lasalle Investment Management - a real estate and investment management firm.
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