14th December 2017
Property Alliance Group and Ares Management have secured a 35-year lease with Q-Park UK at Piccadilly Place in Manchester.
The European parking provider has agreed a deal for 302 new spaces and will also manage the remaining spaces, which are currently let to tenants of Piccadilly Place occupiers.
Alex Russell, Managing Director of Alliance said: “This area is continually transforming and attracting more interest, so we are pleased to have signed up Q-Park who are experts in delivering safe and secure parking services.
Since purchasing Three and Four Piccadilly Place, we have worked closely with the Q-Park team to reach an agreement which not only works financially, but complements the scheme’s offer of high quality. This deal is the first of several developments at Piccadilly Place, including our exciting plans for the piazza, which we will be announcing in due course.”
Adam Bidder, Managing Director of Q-Park UK added: “We are delighted about the takeover of Piccadilly Place. We are actively looking to expand our portfolio especially within Manchester which continues to perform well. As a result, Piccadilly Place was a natural location for us to invest in.
This facility is an excellent addition to the Manchester cluster, increasing our market share in the city and providing a good spread of car parks around the city. We are also keen to upgrade the facility by installing the latest parking equipment and fresh signage in due course to improve the customer experience. Nearby developments such as Kampus and the London Road Fire Station plus Alliance’s plans for the complex made this an easy decision.”
The car park serves both Three and Four Piccadilly Place, which comprise 300,000 sq ft of offices plus retail space. Tenants include NuGen, Weightmans, Barclays, NHS, Arcadis UK, Arup, Orega and Egencia.
WHR acted for Q-Park and Alliance for themselves.
Alliance acquired Piccadilly Place for £106m in 2016 in a joint venture with Ares Management.