On The Beach s headquarters sold for more than £9m to new investment vehicle
Pitalia Real Estate was set up in March this year
Updated
Inside On The Beach s Manchester HQ
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A former aircraft factory in Manchester which is home to online travel specialist On the Beach has been sold for more than £9m.
Sarah Townsend
The property fund set up by former JLL director David Lathwood in March has acquired the 35,000 sq ft former aircraft factory in Manchester for £9.3m.
Pitalia Real Estate, which is backed by Bolton-based businessman Anil Pitalia, bought Aeroworks in an off-market deal from privately owned propco Epsilon. It is the fund’s first deal since its launch and represents an initial yield of 5.25%, Pitalia said.
The building on Adair Street in Ancoats was redesigned by architecture firm Stephenson Studio and houses FTSE 250 online travel booker On the Beach. The London Stock Exchange-listed company became the sole occupier in 2018 on a 10-year lease.
I hope the name ‘Piccadilly East’ doesn’t stick, it’s rubbish and unimaginative. Could it not be called St Andrews after the church that existed in the area?
There is still a St Andrews street, St Andrews Square and a remaining cross on the old church yard.
March 17, 2021 at 1:46 pmBy Aaron
What a month for Piccadilly East!!!!!!! Super excited to see all these proposals come forward and even more so the new public park and public square which they are built around.
March 17, 2021 at 3:00 pmBy Matt Pickering
This site has been for sale for 12 months. The current partners have no ability to deliver. Not sure this area is as exciting as some might suggest. Viability edging towards undeliverable with rising build costs!