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Landmark building to be sold alongside neighbouring assets; the Horseshoe, Stitching Hall, and Gateway site
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Planning permission in place for major residential redevelopment scheme
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More than 200 apartments to be built on former Manchester Metropolitan University Hollings campus
Manchester, 19 June 2023 – The iconic and listed Toast Rack building in Manchester is up for sale.
Real estate services firm Cushman & Wakefield has been instructed by its current owner, an overseas private investor, to sell the unique asset along with adjacent buildings.
Located in Fallowfield, Manchester’s student district, the 3.71-acre site comprises the Toast Rack, Horseshoe, Gateway site and Stitching Hall. The current owner is looking to sell the entire site which already has detailed planning consent for extensive future development.
The planned development programme will deliver 211 residential units, which will be a mix of one to four bed apartments, 20,910 sq ft of gym and leisure space, 7,582 sq ft of commercial space and 154 car parking spaces split across the site.
Bruce Poizer, Head of Capital Markets at Cushman & Wakefield in Manchester, said: “The Toast Rack is one of the most striking and recognisable buildings in Manchester and we are delighted bring it to market. This is an incredibly rare opportunity to invest in a vibrant area that is ripe for development. Fallowfield is synonymous with student living, it is also a popular suburb for young professionals and families due to its proximity to Manchester city centre, cultural amenities and sport and leisure. We anticipate strong interest in this unique site and expect it to appeal to both build-to-rent and student accommodation investors and developers.”
Planning agreements are in place to convert the Toast Rack and Horseshoe buildings into 104 apartments. Permission to build an 11-storey residential building containing 60 rental apartments has been granted on the Gateway site. The Stitching Hall, located to the rear of the site, has plans to be converted into 47 residential dwellings.
The gym is currently being leased by nationwide operator, The Gym Group. The company has a 15-year agreement in place to continue leasing the ‘Drum’ as a 24-hour on-site gym.
