Private UK-based property development company Premcor Estates has completed the sale of a prime northern gateway Manchester site to hospitality company Whitbread for an undisclosed sum.
Premcor obtained planning permission for the 0.25-acre site on Rochdale Road, which will now be transformed into a 229-bedroom, 10-storey Premier Inn hotel.
Construction work on the hotel will begin this summer with Leeds-based GMI as the main contractor.
Simon Hawkins, director of Premcor, explained: “We are very proud that this prime site we owned and obtained detailed planning consent on has been sold during these challenging times for the commercial property market. It is in a superb location in the heart of Manchester’s Northern Quarter and close to Victoria Station.
“The combination of the Premier Inn brand and the vibrant Manchester hospitality scene should ensure that the new hotel proves to be extremely popular.”
Paul Smith, property acquisition manager for Whitbread, said: “Whitbread is a long-standing investor in Manchester with six popular Premier Inn hotels across the city centre and many more across the city region.
He added: “Our investment in the Rochdale Road development site brings another 229-bedrooms into our secured development pipeline in a part of the city centre where we wish to expand our presence. The location ticks all the boxes for our guests and with Whitbread’s direct involvement in the scheme, we can guarantee the development will now proceed at pace.”
Premcor Estates was formed in 2018 by directors Rob Lane and Simon Hawkins. With a track record of successfully matching market demand with investor requirements, Premcor operates throughout the UK and currently has a 2 million sq ft development pipeline, with a committed development programme valued at in excess of £800m.
The company has been developing high quality, multi-sector schemes in the UK over the past five years which are designed to meet the latest ESG and operational requirements of occupiers and institutional investors.
