21 Sep

MEN property owners signal future housing plans

MEN property owners signal future housing plans

House hunters looking for property for sale in Manchester will be pleased to hear the news that the owners of the Manchester Evening News Arena (MEN) are focusing on providing housing for the region.

Landlord firm Development Securities has told the Manchester Evening News that its plans for the future will include building 'homes, hotels and student housing' as opposed to the shops and office blocks that it is usually best known for.

Development Securities recently announced a pre-tax loss of £1.3 million, compared with a £0.8 million profit in the same period last year. Net assets also declined by one per cent to a total of £329.6 million.

The firm's executive director Matthew Weiner said: "We like Manchester and the north-west, it is one of the few areas outside London that continue to fare well in this time of prosperity. We are looking at two or three opportunities in the region."

Development Security saw income from rent at the M.E.N. Arena rise by a huge £600,000 recently thanks to an inflation-linked rent deal with the occupiers, venue operators SMG.


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