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Offers on the table for Great Northern

Buyers looking at £81m leisure complex, reports Simon Binns

Written by . Published on August 11th 2010.

Offers on the table for Great Northern

The owners of the Great Northern Warehouse in Manchester city centre are considering offers from possible buyers.

Capital & Regional Plc, which announced its unaudited interim results for the six months ending June 30 2010 today, said it was, “considering approaches” for the building, which it has been trying to sell for almost two years.

It said the value of the building was around £81m, which was unchanged since the end of 2009. It had originally been on the market for nearer to £100m, however. The debt related to the Great Northern stands at £64m, through a loan that expires in three years.

A deal with Manchester City Council fell through last year after terms could not be agreed to move out one of its tenants, AMC Cinemas.

The group announced pre-tax profits of £18m, compared to loss of £131m in the first half of 2009, thanks largely to the sale of ten properties, which pulled in £378m, and the restructuring of several of its funds.

It also sold the MEN Arena for £62.2m in June and has exchanged contracts on the sale of another five properties. The group still announced a net debt of £48m, however.

John Clare, chairman of Capital & Regional, said, "The group has taken significant steps further to strengthen its financial position in the first half of the year. Disposals at both group and fund level have helped to degear the balance sheet. Management can now focus their energies on growth.“

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