Funding secured for 275-bedroom ‘Jenga-style' Leonardo hotel in Manchester
Funding has been secured to develop a 275-bedroom ‘Jenga-style' Leonardo hotel in Manchester.
Capital&Centric has reached an agreement with the Greater Manchester Pension Fund to finance the project, with contractor Bowmer & Kirkland to begin work this summer, if Covid-19 restrictions are lifted. The £35.5m project is expected to be completed in early 2022.
On completion the 14-storey hotel, on the corner of Adair Street and Great Ancoats Street, will be acquired by the Fattal Group and operated as a Leonardo property.
The hotel will have a ground-floor restaurant, bar and outdoor terrace area that will overlook a new public square, to be constructed as part of the development.
Tim Heatley, co-founder of Capital&Centric, said: "In these difficult times it's even more important to be pushing ahead with our Adair Street hotel. It's going to be a striking new addition to Manchester's skyline and an anchor development in the Piccadilly East neighbourhood.
"With residents due to move into our Crusader and Phoenix developments later this year and plans for other homes in the area, this is going to be a thriving new part of the city. We're also creating a new public square flanked by a café bar, providing some much-needed outside space that anyone can enjoy.
"Yes, everyone's been hit by the shock of coronavirus, and we've recently set up our building opposite the Mackie Mayor as an emergency supplies depot. Manchester will bounce back and these deals are a positive reminder of how resilient our city region is."
Gareth Conroy of Avison Young, property fund managers to the Greater Manchester Pension Fund, added: "Times are tough but it's important that we look to the future and plan for when the crisis is over. This hotel is an ambitious, high-quality project that sets the bar high for development in the city."
