The Manchester Evening News thinks NAMA is selling a development opportunity in Manchester city centre. The so-called “London Scottish” building, because it used to accommodate London and Scottish Bank has 50,000 sq ft of office space but has plans to double or even quadruple that – the building on Mount Street in Manchester city centre is pictured here. Bought by Dublin developer Liam Walls’ Walls Developments in 2007 for GBP 20m (€24m), it might be expected to fetch half of that today, according to industry monitoring group, IPD, commercial property in general in the UK is down 35% from peak in June 2007 but it is generally accepted that property outside London and the south east has suffered greater declines. It’s supposed to be offered for sale by Manchester agents WHR and by CB Richard Ellis, but it doesn’t appear to be on either agents’ websites.
Curiously there doesn’t appear to be any property on the last NAMA foreclosure list which matches this building, so it might be that the Evening News is mistaken and the property is merely being sold by the developer under NAMA’s auspices rather than being a property vesting in NAMA or its receivers from a foreclosure.
NAMA Wine Lake 