Developer in Manchester commercial investment - commercial mortgages

25 March 2008

In news which may interest those with commercial mortgages, a property developer has bought a site close to the centre of Manchester in a move which could indicate that the market in the city is alive and well.

MCR property group has spent £7.5 million on a ten-acre site in the Old Trafford area from HFG, a firm which supplies kitchen and bathroom appliances, reports Crains Manchester Business.

The acquisition consists of a warehouse, office building and 1.5 acres of land for future development.

News of the move comes at a time when the Financial Times has revealed that evidence is emerging that property funds could be starting to bounce back.

The paper has said that investment flows in property funds are turning positive again around the world as expectations grow that the market is bottoming out.

It noted that figures from global investment flow monitoring firm EPFR Global had revealed a net inflow of £450 million over the last four weeks.