Two prime Manchester city centre buildings that were on the market for £8m have been sold.
A joint venture headed up by Brendan Flood has acquired the adjoining buildings at 29-31 and 33-35 Peter Street, which back on to Gary Neville’s £400m St Michael’s development.
Peter Street Partnership is a joint venture between Flood Investments (Manchester) and BWS Developments.
The former is led by property developer and former Burnley FC director Brendan Flood, while BWS Developments is owned by entrepreneurs and private investors Dean Cockett, Catherine Durris, and Frazer Durris.
Frazer Durris and Cockett previously founded tech-enabled energy specialist Businesswise Solutions, which was acquired by Inspired Energy plc in 2021.
Durris has gone on to make a growing number of tech investments.
29-35 Peter Street is situated adjacent to Albert Hall, opposite the Great Northern Warehouse, and backs onto St Michael’s.
The properties span a total of 31,161 sq ft and currently function as a purpose-built office building spread across the basement, ground floor, and five upper floors.
The ground-floor leisure units are occupied by Manchester pizza brand Rudy’s Pizza Napoletana and multinational brewery and pub chain BrewDog.
Colliers and Griffiths Eccles were instructed to market the property in November last year.
At the time of launching the sale, the agents outlined redevelopment options, including a 58,000 sq ft new-build office or a 162-bedroom hotel. Either option would allow for a building of up to nine storeys.
The property was on the market for £8m, although the sale price has not been confirmed.
Brendan Flood said: “We are delighted to have completed the acquisition of 29-35 Peter Street, a property I have had a long association with through the former owners. I initially engaged with them in the mid-2000s when assembling the St Michael’s site.”
Conor Flood, asset & development manager for the Flood family office, added: “These buildings offer great potential in this rapidly evolving part of Manchester. Despite being in a prime central location, the properties have historically been underutilised.
“There is fantastic potential for future redevelopment or refurbishment, and we are carefully considering our next steps to ensure that our proposal aligns with the ever-growing ambition of our exciting and fast-paced city.”
An extensive renovation was previously completed for 29 Peter Street in 2017. Following its acquisition of the building, the joint venture is now evaluating its options.