Wednesday, September 8, 2010

BBC Oxford Road, Manchester for sale

How Do reports that the BBC have instructed Lambert Smith Hampton to start marketing the BBC site in Oxford Road, Manchester, with a view to a sale for redevelopment "at the end of 2011".

In the ying and yang of the development world, the BBC will thus be competing for investors' interest with its landlord at Salford Quays. Phase One of MediaCityUK occupies just 36 acres of a potential 200 owned by the Peel Group. Oxford Road offers 5.4 acres. There is also plenty of other land available across Manchester, as evidenced by LSH's regular annual report on the market.

It's hard to put a value on Oxford Road. A brownfield site to the north of Manchester, of 6.5 acres, is on offer for £3.5m, having been reduced from £7.5m. A purchaser of Oxford Road has three options - refurb the existing buildings, and sell on land at the back; mothball the existing buildings and build/sell on the rest of the site; or knock the whole lot down and start again. Handy for the Lass of Gowrie, or if you've got legs like Mark and Lard, the slightly longer walk to the Footage and Firkin. I expect the Lambert Smith Hampton brochure to be slightly more positive.

Midday update: The LSH site is up and running, with blue skies, flourishing trees, etc.


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