ITV has chosen the privately-owned hotel and property company headed up by Surinder Arora as preferred developer on its 24 to 30 acre Granada TV site in central Manchester. The sum has not been disclosed but one of the other developers told How-Do the winning amount is a nine figure sum - "a huge figure for a regional city."
Arora, based in London, currently has over 6,000 bedrooms in 4 & 5 star hotels across the UK. He is ranked among the UK's 100 richest Asians with a net worth in excess of £100m.
Arora
He is backed in the bid by his long-term partners Allied Irish Bank and the RBS.
The unsuccessful bidders included Allied London, Ask Crosby and Lend Lease.
The actual size of the site remains unclear but it is understood the amount of developable land is between 12 to 14 acres.
ITV has not yet decided whether it will relocate on the existing site or move to Salford Quays on a site adjacent to the Imperial War Museum. ITV's requirement is believed to be around 350,000 of studio and office space. However, even though a move to Salford Quays would involve a dedicated ITV building, it is thought that ITV could reduce its requirement by utilising production facilities within mediacity.
Manchester city council is also believed to have not entirely given up hope of persuading the broadcaster to remain in the city and How-Do again understands some potentially substantial financial inducements have been discussed by the parties involved.
The bidding process for the redevelopment of Quay St has taken almost three years to conclude and indeed Arora is still the preferred bidder and the exclusive period of negotiation may yet not conclude to mutual satisfaction.
Over 1,000 people are employed at the complex around Quay Street.
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