Castlebrooke Sells Manchester Project
The company responsible for a stalled redevelopment of a significant portion of Belfast city centre has sold a comparable project located in Manchester.
Last week, Castlebrooke announced it was advancing new plans for its Belfast site situated between Royal Avenue and St Anne's Cathedral.
Castlebrooke had owned the CIS Tower in central Manchester for nearly ten years, during which time it obtained planning permission to refurbish the 28-storey building.
In the previous month, the company sold the CIS Tower to Manchester-based MCR Property Group.
Statements from MCR Property Group
Aneel Mussarat, founder of MCR, commented on the acquisition, stating:
"The CIS Tower was an asset with significant untapped potential that has been overlooked for many years."
"This is a once in a lifetime opportunity to breathe fresh life into a much loved but neglected property, creating a modern and sustainable future for the CIS Tower."
Castlebrooke's History with CIS Tower and Manchester Projects
Castlebrooke purchased the CIS Tower in 2017 and has been seeking to sell it as a redevelopment opportunity ready for immediate development for several years.
This transaction marks the second occasion on which Castlebrooke has sold a redevelopment scheme in central Manchester. In 2017, it sold the Landmark office site to Barings Real Estate.
New Belfast Redevelopment Plans
Last week, Castlebrooke submitted a pre-application planning notice proposing the construction of 1,000 new homes and two hotels as part of its Belfast redevelopment scheme.
The company also discontinued the use of the Tribeca name, which had been associated with earlier versions of its plans.
Background on Belfast Redevelopment Efforts
Efforts to redevelop the area of Belfast located between the cathedral and Royal Avenue have seen little progress over the past two decades.
Initially, a retail-led scheme known as the Royal Exchange was proposed by a different developer in 2006. Although it received planning permission, the project stalled due to the property market crash.
In 2016, the scheme was acquired by Castlebrooke from the Cerberus investment fund, which had control over the loans underlying the properties.
Castlebrooke secured planning permission for an office-led scheme in 2020; however, the increasing prevalence of working from home rendered that plan less viable.
In the previous year, the company sold some of its properties to Belfast City Council. The council paid approximately £3 million for the historic Assembly Rooms and several adjacent properties.
Details of the New Plan
Castlebrooke stated that its new plan would establish a new street along with several alleyways and public spaces designed to integrate the neighbourhood into the broader city centre street network.
The plan also envisions a "revitalised" Writers' Square, a public space located directly opposite the cathedral.
The use of Writers' Square has been a subject of dispute between Castlebrooke and Stormont's Department for Communities, which owns the space.
