HSBC to fund £20 million Travelodge-anchored development in Manchester
01 February 2013 10:00 GMT
Construction has begun on a £20 million retail and leisure development at Manchester Piccadilly. The project, led by Associated Property Investors (API), is slated to be completed in December 2013 and will see hotelier Travelodge add 157 rooms to its UK portfolio.
Funding for the development has been secured through HSBC bank. The hotel will be Travelodge’s twelfth in Manchester and the fifth in the city centre. This development will boost the Company’s rooms to 763 in the heart of the city.
The property will occupy the site of a previous amusement arcade, well known in the city as the location of the 1979 Woolworths fire in 1979. Other companies housed in the new development will include supermarket brand Morrisons and restaurant chains Zizzi and Nandos.
Architectural firm Garnett Netherwood has been appointed to the scheme, alongside contractors GMI Construction Group.
“Manchester has traded very well over the past five years, with a thriving leisure offering thanks to its strong retail offer, vibrant social scene, the Manchester Arena and due to the continued success of the city’s famous football clubs, City and United," said Paul Harvey, Managing Director for Development at Travelodge Hotels.
“When you also account for a strong business sector, boosted by the MediaCity UK development and arrival of the BBC at Salford Quays, the demand for good quality, value accommodation in Manchester city centre is growing.”
Chris Dalzell, Managing Director of API, said: “As owners of the building we are very pleased that after a long period of under use, we have been able to bring forward the refurbishment of this important and well known building in Piccadilly Gardens.
“The impressive tenant line up is testament to both the quality of the location and the strength of the Manchester economy.”